ESGEN shareholders approve extension; 89% of Class A shares redeemed for ~$255.9M

Zeo Energy Corp.

Shareholders approved extension of business combination deadline from Jan 22, 2023 to Apr 22, 2023.
Board may extend up to six additional months in one-month increments with sponsor deposits of ~$140K each.
Holders of 24,703,445 Class A shares (89% of 27.6M outstanding) exercised redemption at ~$10.35 per share.
Aggregate redemption amount of approximately $255,875,758 was paid from the trust account.
Trust account balance likely depleted; sponsor must fund extensions if needed to complete a deal.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Zeo Energy Corp.: Extended the termination date for business combination from January 22, 2023 to April 22, 2023, and allowed up to six additional monthly extensions upon sponsor deposits (effective 2023-01-18).

Change: charter amendment
Effective: 2023-01-18

Exact text from the filing

On January 18, 2023, ESGEN filed the charter amendment with the Registrar of Companies of the Cayman Islands (the “ Charter Amendment ”).

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Zeo Energy Corp. shareholders approved Extension Proposal at the 2023-01-18 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-01-18

Exact text from the filing

The Extension Proposal For Against Abstain 23,916,803 4,521,588 104,338

View on SEC.gov

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Zeo Energy Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-012109

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