U.S. stocks were slightly higher on Monday as Wall Street tried to maintain its momentum from last week’s strong performance.
The Dow Jones Industrial Average gained 101 points, or 0.3%. The S&P 500 climbed 0.3%, and the Nasdaq Composite advanced 0.4%.
Carbon Revolution announced that it has received an initial investment of $70 million from a Structured Equity Facility of up to $110 million from fund vehicles associated with OIC. Of the initial investment of $70 million, $35 million is immediately available to the Company and the remaining $35 million was funded into an escrow account, subject to release upon satisfaction of certain milestones as described below. Carbon Revolution announced in September that it had entered into the Structured Equity Facility with OIC. The announcement of the receipt of the $70 million of funding described above follows the closing of the business combination and commencement of listing on Nasdaq described below. Carbon Revolution soared 570% in morning trading.
Carbon Revolution plc, the parent company of Carbon Revolution Limited and a renowned manufacturer of lightweight carbon fiber wheels, had soared 273% on going public via SPAC merger, trading under 'CREV' on Nasdaq Friday.