✔️ Solid Power merger confirmed ($DCRC)
The Solid Power and $DCRC merger rumor I shared with you on Monday (the Solid State Battery piece: link) turned out to be true, as both companies confirmed the business agreement yesterday. Here's the investor presentation: (pdf). (After which, the stock went... down?)
📉 Crazy week for Lordstown ($RIDE):
- 📉: last week on the 10-K filing saying they are running out of cash (here at the Setback section if you missed it)
- 📉 some more: on Monday after the news that CEO Steve Burns and CFO Julio Rodriguez have 'resigned'. (link) Which is too bad, because Steve seemed to be the driving force behind 'trying to make things work' so far.
- 📈 a little: Lordstown President Rich Schmidt said the company is reconfirming orders and raising more capital, production is covered through May 2022. They also decided to focus on the Endurance truck and not the RV development. (link)
Note that the now-resigned CEO Steve Burns is still the largest single shareholder of the stock with 46.35 million shares (26.25% stake).
🔔 Proterra listing ($PTRA)
Proterra will ring the closing bell at Nasdaq today to celebrate the public listing under its new name: $ACTC will become $PTRA.
Here's a livestream for the ringing, happening in a few hours (link). I'm a big fan of Proterra's mission and what they've accomplished already. Really happy for the team!
✔️ Wallbox going public via SPAC ($KCAC)
Wallbox, the Spanish charging infrastructure provider announced plans to merge with SPAC Kensington Capital Partners ($KCAC). With a valuation of around $1.5 billion, the new ticker for the company will be WBX. Here's the investor conference call transcript: (pdf). $KCAC is on our stock tracker at row #61 now.
🔜 LG Energy Solution to IPO soon
LG Energy Solution (the battery cell maker) has applied to the Korea Exchange for preliminary approval of an IPO, hoping to go public within this year. Reuters reports the IPO could raise between $10B and $12B, which would make it the largest IPO ever in South Korea. (link)
DISCLAIMER: As always, nothing in this newsletter is financial advice, aka make your own damn decisions.