- Special purpose acquisition company TLG Acquisition One ( NYSE: TLGA ) said it is merging with the energy storage company Electriq Power Holdings in a transaction valued at $495M.
- The two companies have entered into a definitive merger agreement for the business combination.
- The transaction, expected to provide Electriq with up to $125M of capital to fund its growth through a combination of debt and equity, is expected to close in H1 2023.
- The combined company will operate under the name Electriq Power Holdings and trade on the NYSE under the symbol ELIQ.
- The merged entity will be led by the existing Electriq management, with Mike Lawrie to be the board chairman.
- Both the boards have approved the proposed transaction.
- Source: Press Release
For further details see:
SPAC TLG Acquisition One to merge with Electriq Power Holdings