NUBI - SPAC Good for Growth to merge with EV tech developer Zero Nox

2023-03-08 14:01:48 ET

SPAC Growth for Good Acquisition Corp. ( NASDAQ: GFGD ) has agreed to merge with ZeroNox through a deal that pegs the EV technology developer's enterprise value at around $306M.

The merger is expected to close during the second half of the year, with shares of the combined company trading on Nasdaq under the symbol ZNOX. Growth for Good said it has $253M in cash held in trust from its initial public offering in December 2021.

Based in Porterville, Calif., ZeroNox has developed proprietary electric power train technology it calls ZEPP. It also operates an EV infrastructure platform for its OEM and fleet partners that includes charging stations and energy storage solutions. The company specializes in the electrification of off-highway commercial and industrial vehicles.

Zero Nox is the latest EV tech company to choose to go public through a SPAC deal. Last month, EV battery tech developer Honeycomb announced it planned to merge with SPAC Nubia Brand International ( NUBI ) through a deal that values it at around $700M.

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