Carbon Revolution and Twin Ridge Capital Acquisition Corp. have announced a definitive agreement for a business combination that will see Carbon Revolution become publicly listed in the U.S. This transaction is expected to complete in the first half of 2023, pending shareholder approvals from both companies. The merger aims to leverage Carbon Revolution's innovative carbon fiber wheels technology in the automotive sector, potentially expanding its market reach and enhancing shareholder value.
org value="Australia:CBR"Carbon Revolution (ASX: CBR) has announced a definitive business combination agreement with org value="NYSE:TRCA"Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), aiming to publicly list Carbon Revolution in the U.S. This merger is projected to significantly enhance operational capacity and unlock crucial investment capital. Notably, total revenue is expected to surge from $28.7 million in CY2022E to $90.1 million in CY2024E, with a CAGR of 77%. The combined company will hold an estimated enterprise value of $461 million.
Twin Ridge Capital Acquisition Corp. announced its initial public offering (IPO) of 20 million units priced at $10.00 each, set to debut on the NYSE under the symbol “TRCA.U” on March 4, 2021. Each unit includes one Class A ordinary share and one-third of a redeemable warrant, with full warrants priced at $11.50 per share. The offering could expand by an additional 3 million units through an underwriter's option. This venture is supported by Twin Ridge Capital Management and targets opportunities in consumer and distribution sectors. The IPO is expected to close on March 8, 2021.