AltEnergy Acquisition Corp signs definitive merger with Car Tech at $80M base

AltEnergy Acquisition Corp

AltEnergy (AEAE) to acquire Car Tech in a de-SPAC; base consideration $80M plus up to $40M earn-out.
Car Tech shareholders to receive shares of surviving company; value based on $10.00 per share reference.
Lock-up: 50% released at 12 months, 25% at 18 months, 25% at 24 months from closing.
Sponsor to transfer 4,800,000 Private Placement Warrants; Shinyoung gets option to buy 7,200,000 warrants at $4 each.
Closing conditions include minimum $50M PIPE and stockholder approvals; target to list on Nasdaq.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AltEnergy Acquisition Corp entered into Agreement and Plan of Merger with Car Tech, LLC (effective 2024-02-21).

Action: entry
Agreement: merger
Counterparty: Car Tech, LLC
Effective: 2024-02-21

Exact text from the filing

On February 21, 2024, AltEnergy Acquisition Corp., a Delaware corporation (“AltEnergy”), entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among AltEnergy, Car Tech Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”), and Car Tech, LLC, an Alabama limited liability company (“Car Tech”).

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AltEnergy Acquisition Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-041599

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