Transaction will create first publicly-traded, hybrid Lithium-Metal battery supplier combining high-energy density with efficient manufacturability at scale
Upon closing, combined company to trade under symbol "SES"
Pro forma implied equity value of combined company of approximately $3.6 billion, inclusive of a $300 million earn-out
Transaction expected to provide SES up to $476 million in gross proceeds to fund expansion plans, including $200 million from fully-committed common stock PIPE at $10.00 per share
PIPE anchor investors include several leading automakers: General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, and SAIC Motor
Other PIPE investors include Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton
Existing SES investors include SK Inc., General Motors, Hyundai Motor Company, Kia Corporation, Temasek, Tianqi Lithium, Vertex Ventures, Applied Materials, and SAIC Motor
PR Newswire
NEW YORK, July 13, 2021
