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Summary
- Brisbane-based EV fast charger manufacturer Tritium is on track to get listed on the NASDAQ under the “DCFC” symbol.
- The Company has entered into a definitive agreement with DCRN, Decarbonization Plus Acquisition Corporation II, a special purpose acquisition company.
- The proceeds from the deal would fund Tritium’s growth plan, enabling the Company to expand its business operations.
Brisbane-based Tritium, a developer and manufacturer of direct current fast chargers for electric vehicles (EVs), has entered into a definitive agreement with a special purpose acquisition company (SPAC) Decarbonization Plus Acquisition Corporation II (NASDAQ:DCRN, DCRNW). The Company disclosed that with the deal, Tritium would be publicly listed on the NASDAQ.
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Tritium to take the SPAC route to make its NASDAQ debut Source: © Demidovichphotostock | Megapixl.com
Moreover, on completion of the transaction, the merger would be known as Tritium and would trade under the new ticker “DCFC” on NASDAQ.
Tritium was founded in 2001 and has witnessed significant revenue growth in the last five years. The Company is valued at ~US$1.2 billion.
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Proceeds from the agreement
The Australian Company disclosed that the transaction is expected to generate gross proceeds of nearly US$403 million of cash, with the assumption of minimal redemptions by the public stockholders of DCRN.
Additionally, the proceeds would be used to fully fund the growth of Tritium as a technology industry leader in the direct current (DC) fast charging space for electric vehicles (EVs).
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The pre-money enterprise worth of the combined group is US$1.4 billion at a per-share price of US$10.
The Company is confident that the transaction would offer substantial capital to develop Tritium’s operations to three international manufacturing facilities.
The funds will be invested in:
- A new Europe production facility.
- Los Angeles site expansion.
- Advancement of the Brisbane facilities.
With this deal, DCRN and Tritium will work in fastening the efficient electrification of global transport.
Jane Hunter, CEO of Tritium, commented-
Mr Hunter added that the agreement would provide further support to Tritium for its market viability and vision as well as to the e-mobility sector. The deal will help fund Tritium’s growth plans, enabling the Company to expand its business operations.
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