Carbon Revolution Announces Major Milestones in its Business Combination with Twin Ridge Capital Acquisition Corp.
-- Carbon Revolution shareholders and the Federal Court of Australia have
approved the scheme of arrangement.
-- Scheme of arrangement now legally effective and quotation of Carbon
Revolution shares on ASX was suspended from the close of trade today.
-- Combined group expected to begin trading on Nasdaq Capital Market under
the ticker symbol "CREV" on October 30, 2023 (New York time)
GEELONG, Australia--(BUSINESS WIRE)--October 19, 2023--
Carbon Revolution Limited (the "Company" or "Carbon Revolution"), a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, today announced that the scheme of arrangement in relation to its business combination with Twin Ridge Capital Acquisition Corp. (NYSE: TRCA) ("Twin Ridge" or "TRCA") is now legally effective and quotation of Carbon Revolution shares on ASX was suspended from the close of trade today.
This follows Carbon Revolution shareholders approving the scheme of arrangement on October 15, 2023 and the Federal Court of Australia approving the scheme of arrangement on Wednesday. As previously announced, the Twin Ridge shareholders approved the business combination on October 12, 2023.
Subject to the satisfaction of any necessary conditions, the scheme of arrangement will be implemented on October 31, 2023 (Melbourne time), and Carbon Revolution plc is expected to become the parent company of Carbon Revolution and begin trading on Nasdaq Capital Market under the ticker symbol "CREV"" on October 30, 2023 (New York time).
"We are excited that we have achieved these significant milestones, which will bring Carbon Revolution towards a new chapter as a publicly traded company in the U.S.," said Jake Dingle, CEO of Carbon Revolution. "We are well-positioned to continue to take advantage of an enormous addressable market for Carbon Revolution's disruptive efficiency technology, especially in the electric vehicle and new mobility sector, as we continue to build on our first-mover advantage in next-generation auto technology."
"Today marks an incredible milestone for Carbon Revolution as we continue to support them on their journey to become a public company in the U.S.," said Bill Toler, Chairman of Twin Ridge. "It is a privilege to partner with the Company. Carbon Revolution is exceptionally well-positioned to capitalize on growing demand for carbon fiber wheels as shown by its awarded programs with six global OEMs including Ford Motor Company, General Motors, Renault, Ferrari N.V. and Jaguar Land Rover."
Expected capital available to the Company in connection with the implementation is US$95 million, including US$35 million of the up to US$110 million Structured Equity Facility with two fund vehicles associated with Orion Infrastructure Capital ("OIC"), a leading infrastructure investment firm (OIC Structured Equity Fund I Range, LLC and OIC Structured Equity Fund I GPFA Range, LLC) and a US$60 million Committed Equity Facility. Release of the remaining US$75 million under the Structured Equity Facility is subject to the Company's achievement of future growth milestones.
About Carbon Revolution Limited
Carbon Revolution Limited is an Australian technology company, which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world's most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.
For more information, visit carbonrev.com
Forward-Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend, " "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the financial position, business strategy and the plans and objectives of management for future operations including as they relate to the proposed Business Combination and related transactions, pricing and market opportunity, the satisfaction of closing conditions to the proposed Business Combination and related transactions, the timing of the completion of the proposed Business Combination, including the anticipated closing date of the proposed Business Combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of CBR's and TRCA's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of CBR and TRCA.
These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risks that we will not secure sufficient funding to proceed through to completion of the Transaction, any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; (iii) the ability to maintain the listing of MergeCo's securities on the stock exchange; (iv) the inability to complete any private placement financing, the amount of any private placement financing or the completion of any private placement financing on favorable terms; (v) the risk that the proposed Business Combination disrupts current plans and operations CBR or TRCA as a result of the announcement and consummation of the proposed Business Combination and related transactions; (vi) the risk that any of the conditions to closing of the Business Combination are not satisfied in the anticipated manner or on the anticipated timeline or are waived by any of the parties thereto; (vii) the failure to realize the anticipated benefits of the proposed Business Combination and related transactions; (viii) risks relating to the uncertainty of the costs related to the proposed Business Combination; (ix) risks related to the rollout of CBR's business strategy and the timing of expected business milestones; (x) the effects of competition on CBR's future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and healthcare professionals and retain its management and key employees; (xi) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine and Israel-Hamas conflicts; (xii) the outcome of any legal proceedings that may be instituted against TRCA, CBR or any of their respective directors or officers; (xiii) the ability of TRCA to issue equity, if any, in connection with the proposed Business Combination or to otherwise obtain financing in the future; (xiv) the impact of the global COVID-19 pandemic and governmental responses on any of the foregoing risks; (xv) risks related to CBR's industry; (xvi) changes in laws and regulations; and (xvii) those factors discussed in TRCA's Annual Report on Form 10-K for the year ended December 31, 2022 under the heading "Risk Factors," and other documents of TRCA or MergeCo filed with the SEC, including the proxy statement / prospectus. If any of these risks materialize or TRCA's or CBR's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither TRCA nor CBR presently know or that TRCA and CBR currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect TRCA's and CBR's expectations, plans or forecasts of future events and views as of the date of this communication. TRCA and CBR anticipate that subsequent events and developments will cause TRCA's and CBR's assessments to change. However, while TRCA and CBR may elect to update these forward-looking statements at some point in the future, each of TRCA, CBR, MergeCo and Merger Sub specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing TRCA's and CBR's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Information about Proposed Business Combination
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