Next.e.GO Mobile SE and Athena Consumer Acquisition announced the successful conclusion of their anticipated business combination, involving e.GO, Athena, Next.e.GO B.V., and Time is Now Merger Sub, Inc., a subsidiary of TopCo. The amalgamated entity, listed as TopCo, is set to commence trading on the Nasdaq under the ticker symbol “EGOX” as of October 20, 2023.
However, Athena Consumer Acquisition’s shares experienced a notable dip in value during today’s trading.
The official confirmation of this merger comes in the wake of a pivotal vote by Athena’s shareholders in favor of the transaction on September 29, 2023. This development saw Athena transition into a wholly-owned subsidiary of e.GO. Anticipated repercussions include the expected delisting of Athena’s units, including Class A Common Stock and warrants, from the NYSE American LLC, with trading slated to cease before the market opens on October 20, 2023.
Ali Vezvaei, Chairman of e.GO, expressed his satisfaction at the successful merger, citing it as a significant stride for the company amidst prevailing global economic and market conditions. Vezvaei stated, “Completing our business combination, despite global macro and market dynamics is an encouraging step forward for e.GO. Becoming a listed company and having access to the capital markets will further support our mission and help provide us with the opportunity to advance our growth strategy. The world needs innovative solutions to drive the energy transition and electrify the urban e-mobility. This is where we are focused, leveraging our disruptive production technology to bring convenience, practicality, and affordability to everyday urban e-mobility.”
Isabelle Freidheim, Chairman of Athena, echoed Vezvaei’s sentiments, expressing pride in their accomplishment of taking e.GO, a distinguished German electric car manufacturer, public. She emphasized their unwavering commitment to fostering innovation, supporting partner companies, and propelling progress towards reshaping the future and establishing e.GO as a dominant global presence.
However, Athena Consumer Acquisition’s shares experienced a notable dip in value during today’s trading.
At the time of this publication, Athena Consumer Acquisition Corp stock (ACAQ) has witnessed a decline.
Athena Consumer Acquisition Corp
Current Price: $2.7
Change : -5.97
Change (%): (-68.54%)
Volume: 812.3K
Source: Tomorrow Events Market Data
The business combination between Next.e.GO Mobile SE and Athena Consumer Acquisition marks a crucial step forward in the companies’ shared objective of revolutionizing urban e-mobility. The merger positions TopCo as a key player in the rapidly evolving electric vehicle industry, with a focus on delivering practical and affordable solutions to meet the demands of an energy-conscious world.
Investors and stakeholders alike will be keenly watching as TopCo makes its inaugural appearance on the Nasdaq, heralding a new era of opportunities and growth for the combined entity. The ensuing months will undoubtedly offer a closer look at the innovative solutions and advancements in urban e-mobility that TopCo is poised to bring to the global stage.
