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- Carbon Revolution’s share price gained by 51.16% at 11:01 AM AEDT.
- The company posted a 66.2% growth in the revenue during the first quarter of financial year 2023.
- Carbon Revolution’s wheels have featured on the Ford core vehicle program for the first time.
The share price of Carbon Revolution Limited (ASX:CBR) skyrocketed on Monday (31 October 2022) after the company released its quarterly activity report for the period ending on 30 September 2022 (Q1FY23). The lightweight carbon fibre wheel manufacturer has reported a 66.2% growth in revenue during the quarter.
In addition to this, the company shared that it has inked a non-binding letter of Intent with a SPAC (special purpose acquisition company) related to a proposed merger to create MergeCo.
At 11:01 AM AEDT, Carbon Revolution shares were spotted trading 51.16% up at AU$0.32 per share. At 10:15 AM AEDT, the share price touched AU$0.46 per share, which is approximately 109% higher than the previous close (AU$0.22 apiece).
Including today’s gain, in the past five trading sessions, the Carbon Revolution share price has increased by 54.76%. In the past 12 months, the share price has dropped by 68.75%, and in the past 6 months, it has declined by 40.91%.
As per the contract with the SPAC, Carbon Revolution will be purchased by the SPAC or other acquisition vehicles to create MergeCo. According to the proposed acquisition terms, the company is valued at a premoney enterprise value of US$200 million. After the merger, the company’s shareholders will have 67% ownership in MergerCo.
Post the completion of the transaction, Carbon Revolution will be delisted from the ASX.
The company has stated that there is a risk that this transaction will not occur in the future as a non-binding letter of intent has been signed among the parties.
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