Solid-state battery maker ProLogium, TDAC (NASDAQ: TDAC) plan $3.8B merger
Rhea-AI Filing Summary
Translational Development Acquisition Corp. entered into a definitive Business Combination Agreement with ProLogium Holding Inc., a solid-state battery developer, implying an approximately $3.8 billion net cash-free valuation for ProLogium.
The deal uses a two-step Cayman merger structure, after a recapitalization, to make ProLogium Technology the Nasdaq-listed parent under ticker PRLG. Closing requires TDAC and ProLogium shareholder approvals, a TDAC deadline extension beyond June 24, 2026, Nasdaq listing approval, an effective Form F-4 and Available Cash of at least $250,000,000.
The agreement includes founder IP compensation capped at 2.5% of fully diluted equity, a new incentive plan reserving up to 12.5% of post-closing capital, sponsor and shareholder voting/lock-up agreements, and a registration rights agreement requiring a resale shelf within 45 days of closing. TDAC and ProLogium highlight ProLogium’s Gen4 solid-state technology, planned Dunkirk gigafactory and targeted funding from TDAC’s trust plus a common equity PIPE.
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Insights
TDAC signs a SPAC deal to take solid-state battery maker ProLogium public at a $3.8B valuation, contingent on cash and approvals.
The transaction would combine TDAC with ProLogium, a next-generation solid-state battery company, via a two-step Cayman merger. The implied net cash-free valuation is about $3.8 billion, with funding expected from TDAC’s trust and a targeted common equity PIPE.
Closing depends on multiple conditions: an effective Form F-4, shareholder approvals, Nasdaq listing, TDAC’s deadline extension beyond June 24, 2026, and Available Cash of at least $250,000,000. These hurdles, plus potential redemptions, will determine actual cash proceeds.
On structure, fully diluted ownership will be shaped by founder IP shares capped at 2.5% of capital, a new equity plan up to 12.5%, and lock-ups ranging from six to eighteen months. Registration rights contemplate a shelf filing within 45 days of closing, enabling future secondary liquidity without specifying timing of any sales.
8-K Event Classification
Key Figures
Key Terms
Business Combination Agreement financial
Recapitalization financial
Consolidation Factor financial
Available Cash financial
PIPE Investment financial
Registration Rights Agreement financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
Business Combination Agreement
On May 27, 2026, Translational Development Acquisition Corp., a Cayman Islands exempted company with limited liability (“TDAC”), entered into an Agreement and Plan of Merger (as it may be amended, restated or otherwise modified from time to time, the “Business Combination Agreement”) with Prologium Holding Inc., a Cayman Islands exempted company with limited liability (“ProLogium” or the “Company”), PLG Merger Sub 1, a Cayman Islands exempted company with limited liability and a wholly-owned direct subsidiary of the Company (“Merger Sub 1”), and PLG Merger Sub 2, a Cayman Islands exempted company with limited liability and a wholly-owned direct subsidiary of the Company (“Merger Sub 2” and, together with Merger Sub 1, the “Acquisition Entities”).
Pursuant to the Business Combination Agreement, among other transactions and subject to the terms and conditions set forth therein, immediately following the Recapitalization (as defined below), (i) at the effective time of the First Merger (the “First Merger Effective Time”), Merger Sub 1 will merge with and into TDAC (the “First Merger”), whereupon the separate corporate existence of Merger Sub 1 will cease and TDAC will be the surviving company and continue as a wholly-owned subsidiary of the Company, and (ii) immediately after the consummation of the First Merger, TDAC, as the surviving company of the First Merger, will merge with and into Merger Sub 2 (the “Second Merger” and, together with the First Merger, the “Mergers”), whereupon the separate corporate existence of TDAC will cease and Merger Sub 2 will be the surviving company and continue as a wholly-owned subsidiary of the Company. The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.”
The Business Combination
Pursuant to the Business Combination Agreement, on the closing date of the Business Combination (the “Closing Date”), immediately prior to the First Merger Effective Time, the Company will adopt an amended and restated memorandum and articles of association (the “Listing A&R AoA”), which will become effective upon the closing of the Business Combination (the “Closing”), and will implement a recapitalization of its share capital (the “Recapitalization”).
The Recapitalization will include a share consolidation pursuant to which each common share and preferred share of the Company outstanding or authorized immediately prior to the First Merger Effective Time (collectively, the “Pre-Recapitalization Company Shares”) will be consolidated into a number of shares equal to the Consolidation Factor (as defined below). Following such share consolidation, the resulting shares will be repurchased and cancelled by the Company in exchange for the issuance of Company ordinary shares, with the class of Company ordinary shares determined as set forth in the Business Combination Agreement and the Listing A&R AoA. The “Consolidation Factor” means the quotient obtained by dividing the Per Share Equity Value by $10.00, and “Per Share Equity Value” means the equity value of the Company divided by the aggregate number of Pre-Recapitalization Company Shares issued and outstanding immediately prior to the Recapitalization. The press release furnished as Exhibit 99.1 to this Current Report describes the Business Combination as implying an approximately $3.8 billion valuation for ProLogium on a net cash-free basis.
At the First Merger Effective Time, by virtue of the First Merger and without any action on the part of TDAC, the Company, Merger Sub 1 or the holders of TDAC securities, each issued and outstanding Class A ordinary share of TDAC, par value $0.0001 per share (“TDAC Class A Ordinary Shares”), other than any TDAC Class A Ordinary Shares held by holders who validly exercise and do not effectively withdraw or lose their dissenter rights under Section 238 of the Companies Act (As Revised) of the Cayman Islands (the “Cayman Islands Companies Act”), will be cancelled in exchange for the right to receive one (1) Class A ordinary share of the Company, par value $0.0001 per share (“Company Class A Ordinary Share”). Each issued and outstanding TDAC ordinary share held by a holder who validly exercises and does not effectively withdraw or lose such dissenter rights will be cancelled and will carry no rights other than the right to receive the fair value of such share determined in accordance with Section 238 of the Cayman Islands Companies Act.
At the First Merger Effective Time, each outstanding and unexercised warrant of TDAC (“TDAC Warrant”) will be converted into and become the right to receive a warrant of the Company on the same terms and conditions as the applicable TDAC Warrant. The Company is expected to be named ProLogium Technology and to be listed on Nasdaq under the ticker symbol PRLG following the Closing.
The Business Combination Agreement has been approved by the boards of directors of TDAC, the Company and each of the Acquisition Entities.
Conditions to Closing
The consummation of the Business Combination is conditioned upon, among other things: (i) approval for listing of the Company Class A Ordinary Shares and Company warrants contemplated to be listed pursuant to the Business Combination Agreement on Nasdaq; (ii) the absence of any governmental order enjoining, restraining, prohibiting or otherwise making illegal the consummation of the Business Combination; (iii) receipt of the required approval by TDAC shareholders; (iv) receipt of the required approval by Company shareholders; (v) the effectiveness of the registration statement to be filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), and the absence of any stop order or threatened or initiated action seeking a stop order with respect thereto; (vi) the Second Merger Surviving Company, as successor to TDAC, having at least $5,000,001 of net tangible assets after the consummation of the Business Combination and the closing of any TDAC shareholder redemptions; and (vii) completion of the Recapitalization in accordance with the Business Combination Agreement.
The obligations of TDAC to consummate the Business Combination are also conditioned upon, among other things: (i) the accuracy of the representations and warranties of the Company, subject to certain materiality standards set forth in the Business Combination Agreement; (ii) material compliance by the Company with its covenants, obligations and agreements under the Business Combination Agreement; (iii) the absence of any Company Material Adverse Effect, as defined in the Business Combination Agreement, that is continuing as of the Closing; and (iv) receipt by TDAC of the closing deliverables required to be delivered by the Company.
The obligations of the Company and the Acquisition Entities to consummate the Business Combination are also conditioned upon, among other things: (i) the accuracy of the representations and warranties of TDAC, subject to certain materiality standards set forth in the Business Combination Agreement; (ii) material compliance by TDAC with its covenants, obligations and agreements under the Business Combination Agreement; (iii) the absence of any TDAC Material Adverse Effect, as defined in the Business Combination Agreement; (iv) the extension of the deadline by which TDAC must consummate its initial business combination to a date after June 24, 2026 (the “TDAC Extension”); (v) receipt by the Company of the closing deliverables required to be delivered by TDAC; and (vi) Available Cash, as defined in the Business Combination Agreement, being greater than or equal to $250,000,000.
Covenants
The Business Combination Agreement includes customary covenants of the parties with respect to the operation of their respective businesses prior to the consummation of the Business Combination and efforts to satisfy the conditions to consummation of the Business Combination. The Business Combination Agreement also contains additional covenants of the parties, including covenants regarding: (i) preparation and filing by the Company of a registration statement on Form F-4, or such other appropriate form as determined by the parties, that will include a proxy statement for the solicitation of proxies from TDAC shareholders and a prospectus for the Company securities to be issued in the Business Combination; (ii) convening the extraordinary general meeting of TDAC shareholders to approve the Business Combination and related proposals and to provide TDAC shareholders with the opportunity to redeem their TDAC Class A Ordinary Shares in accordance with the TDAC governing documents; (iii) obtaining Company shareholder approval; (iv) the composition of the board of directors of the Company following the Closing; (v) continued listing of TDAC prior to the Closing and listing of the Company Class A Ordinary Shares and Company warrants as of the Second Merger Effective Time; (vi) the release of funds from TDAC’s trust account; (vii) non-solicitation restrictions applicable to TDAC and the Company; (viii) the TDAC Extension; and (ix) the parties’ commercially reasonable efforts to enter into and consummate subscription agreements or backstop arrangements in connection with a private equity investment in TDAC to purchase TDAC Class A Ordinary Shares on terms mutually agreeable to the parties.
Representations and Warranties
The Business Combination Agreement contains representations and warranties of the Company and the Acquisition Entities relating, among other things, to corporate existence and power; corporate authorization; governmental authorizations and consents; non-contravention; subsidiaries; capitalization; financial statements; undisclosed liabilities; absence of changes; litigation and proceedings; compliance with laws and permits; significant contracts; intellectual property; employee benefit plans; labor matters; taxes; insurance; real property and assets; environmental matters; affiliate transactions; vendors and customers; certain business practices and anti-corruption matters; information supplied for inclusion in the registration statement and proxy statement; broker’s fees; and no additional representations and warranties or outside reliance.
The Business Combination Agreement contains representations and warranties of TDAC relating, among other things, to corporate existence and power; corporate authorization; governmental authorizations and consents; non-contravention; litigation and proceedings; capitalization; undisclosed liabilities; SEC documents and controls; listing; information supplied for inclusion in the registration statement and proxy statement; the trust account; absence of changes; compliance with laws and permits; contracts; employees and employee benefit plans; properties; affiliate transactions; taxes; certain business practices and anti-corruption matters; independent investigation; broker’s fees; and no additional representations and warranties or outside reliance.
The representations and warranties made in the Business Combination Agreement will not survive the Second Merger Effective Time, except as otherwise set forth in the Business Combination Agreement.
Founder IP Compensation
The Business Combination Agreement provides that, prior to the Closing Date, in recognition of the Founder’s contributions to the Company and the development of key Intellectual Property Rights for the Company (the “Founder IP”), the Company will reserve for issuance a number of Equity Securities, which will consist of Class B ordinary shares of the Company upon the Closing, representing 2.5% of the Company’s total share capital on a fully diluted basis as of the Closing (the “Cap”). From and after the Closing Date, to determine the actual number of Class B ordinary shares of the Company to be issued to the Founder (the “Founder IP Compensation Shares”), the Company shall timely engage an independent third-party valuation firm to conduct an independent valuation of the Founder IP and shall issue a its final valuation report within two (2) months of engagement. Within one (1) month of the date of such valuation report the Company’s board shall instruct its compensation committee to review the final valuation report and determine the number of Founder IP Compensation Shares that has the aggregate value equivalent to such fair valuation of the Founder IP. The Founder IP Compensation Shares shall be issued to the Founder or an affiliate designated by the Founder.
New Equity Incentive Plan
Prior to the Closing Date, the Company is required to approve and adopt a new incentive equity plan to be effective as of the Second Merger Effective Time and to provide for the grant of awards to service providers of the Company and its subsidiaries, with a total pool of awards not exceeding such number of Company Class A Ordinary Shares equal to 12.5% of the share capital of the Company immediately after the Closing on a fully diluted basis. Notwithstanding the foregoing, until and prior to the initial closing of the PIPE Investment, the incentive shares approved to be granted shall be no more than 6.0% of the share capital of the Company immediately after the Closing on a fully diluted basis.
Termination
The Business Combination Agreement may be terminated under certain customary and limited circumstances prior to the Closing, including: (i) by written consent of all parties to the Business Combination Agreement; (ii) by either the Company or TDAC if the Closing has not occurred on or before March 31, 2027, subject to the extension mechanics set forth in the Business Combination Agreement if TDAC seeks and obtains the TDAC Extension with the prior written consent of the Company; (iii) by either the Company or TDAC if consummation of the Mergers is permanently enjoined, prohibited, deemed illegal or prevented by the terms of a final, non-appealable governmental order; (iv) by TDAC upon an uncured breach by the Company of certain representations, warranties, covenants or agreements, subject to the applicable cure period and other limitations set forth in the Business Combination Agreement; (v) by the Company if TDAC fails to obtain the TDAC Extension by June 24, 2026, fails to timely hold the shareholder meeting to vote on the TDAC Extension, or if it becomes reasonably apparent to the Company that TDAC would be unable to obtain the TDAC Extension, or upon an uncured breach by TDAC of certain representations, warranties, covenants or agreements, subject to the applicable cure period and other limitations set forth in the Business Combination Agreement; or (vi) by either the Company or TDAC if the TDAC shareholder approval is not obtained at the TDAC extraordinary general meeting, subject to any permitted adjournment or postponement.
The foregoing description of the Business Combination Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Business Combination Agreement, a copy of which is filed with this Current Report on Form 8-K (this “Current Report”) as Exhibit 2.1 and the terms of which are incorporated by reference herein.
The Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of such agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Business Combination Agreement. The Business Combination Agreement has been included to provide investors with information regarding its terms. It is not intended to provide any other factual information about the parties thereto. In particular, the representations, warranties, covenants and agreements contained in the Business Combination Agreement, which were made only for purposes of the Business Combination Agreement and as of specific dates, were solely for the benefit of the parties to the Business Combination Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk among the parties instead of establishing matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors should not rely on the representations, warranties, covenants and agreements or any descriptions thereof as characterizations of the actual state of facts or condition of any party to the Business Combination Agreement or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of the Business Combination Agreement, which subsequent information may or may not be fully reflected in TDAC’s public disclosures.
Certain Related Agreements
Sponsor Letter Agreement
Concurrently with the execution and delivery of the Business Combination Agreement, TDAC, the Company and TDAC Partners LLC, a Delaware limited liability company (the “Sponsor”), entered into a sponsor letter agreement (the “Sponsor Letter Agreement”), pursuant to which the Sponsor agreed, among other things, to (i) attend any meeting of TDAC shareholders for purposes of establishing a quorum, and vote all TDAC ordinary shares and other voting securities held by it in favor of approving the transactions contemplated by the Business Combination Agreement, including any proposal to extend the time by which TDAC must consummate an initial business combination; (ii) not transfer any TDAC ordinary shares, warrants or other equity securities held by it, except for transfers permitted under the Sponsor Letter Agreement; (iii) waive any dissenters’, appraisal or similar rights with respect to its TDAC ordinary shares in connection with the transactions contemplated by the Business Combination Agreement; (iv) not redeem any TDAC ordinary shares held by it in connection with such business combination or any proposal to extend the time by which TDAC must consummate an initial business combination; and (v) waive any anti-dilution adjustment to the conversion ratio between TDAC Class B ordinary shares and TDAC Class A Ordinary Shares set forth in Article 17.3 of TDAC’s amended and restated memorandum and articles of association, in each case on the terms set forth in the Sponsor Letter Agreement. The Sponsor also agreed, subject to specified exceptions, not to transfer, for twelve (12) months following the consummation of the Business Combination, any Company Class A Ordinary Shares and Company warrants held by it immediately after the First Merger Effective Time, or any Company Class A Ordinary Shares acquired upon conversion, exercise or exchange of such Company warrants.
The foregoing description of the Sponsor Letter Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Sponsor Letter Agreement, a copy of which is filed with this Current Report as Exhibit 10.1 and the terms of which are incorporated by reference herein.
ProLogium Shareholder Voting Agreement
Concurrently with the execution and delivery of the Business Combination Agreement, the Company, TDAC and certain shareholders of the Company (the “Company Voting Shareholders”) entered into a voting agreement (the “Voting Agreement”), pursuant to which each Company Voting Shareholder agreed, among other things, to vote, or cause to be voted, its subject shares in favor of the Company shareholder approval and, if applicable, in favor of an adjournment of the applicable Company shareholder meeting if there are insufficient votes to obtain such approval, and to cause its subject shares to be counted as present for purposes of establishing a quorum.
Under the Voting Agreement, each Company Voting Shareholder also agreed not to redeem any of its subject shares in connection with the Business Combination. The Voting Agreement provides that newly issued or acquired Company securities and voting rights acquired prior to the Closing will be included as subject shares. The Company Voting Shareholders and the Company further agreed to certain restrictions on amendments to specified investment agreements and to the termination of such investment agreements and related rights effective as of the Closing, in each case as set forth in the Voting Agreement.
The foregoing description of the Voting Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Voting Agreement, a copy of which is filed with this Current Report as Exhibit 10.2 and the terms of which are incorporated by reference herein.
ProLogium Shareholder Lock-Up Agreement
The Business Combination Agreement contemplates that, prior to or concurrently with the consummation of the Business Combination, the Company, TDAC and certain Company shareholders will enter into a lock-up agreement (the “Lock-Up Agreement”), pursuant to which each such Company shareholder will agree, subject to customary exceptions, not to transfer certain Company ordinary shares and other securities held, issuable or acquirable by such Company shareholder immediately after the Second Merger Effective Time during the applicable lock-up period. The Lock-Up Agreement provides for lock-up periods of eighteen (18) months from and after the Closing Date for the Founder and his controlled entity, twelve (12) months from and after the Closing Date for management holders, and six (6) months from and after the Closing Date for the SBCVC entities, New Epoch, the New Horizon shareholders and other Company shareholders listed in the Lock-Up Agreement, in each case subject to the terms and exceptions set forth in the Lock-Up Agreement.
The foregoing description of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the form of Lock-Up Agreement, a copy of which is filed with this Current Report as Exhibit 10.3 and the terms of which are incorporated by reference herein.
Registration Rights Agreement
The Business Combination Agreement contemplates that, concurrently with the consummation of the Business Combination, the Company, the Sponsor and certain Company shareholders will enter into a registration rights agreement (the “Registration Rights Agreement”), which will be effective upon the Closing. Pursuant to the Registration Rights Agreement, the Company will grant the Sponsor and such Company shareholders customary registration rights with respect to certain registrable securities held by them following the Closing.
The Registration Rights Agreement requires the Company to use commercially reasonable efforts to file, within forty-five (45) calendar days following the Closing Date, a shelf registration statement covering the resale of all registrable securities, and to use commercially reasonable efforts to have such shelf registration statement declared effective no later than the ninetieth (90th) calendar day, or one hundred and twentieth (120th) calendar day if the SEC notifies the Company that it will review the registration statement, following the filing deadline, subject to the terms and conditions set forth therein. The Registration Rights Agreement also provides for underwritten shelf takedown rights, subject to a $50 million minimum takedown threshold and a maximum of two underwritten shelf takedowns in any calendar year, piggyback registration rights, block trade rights and other coordinated offering rights, subject to the terms and limitations set forth therein.
The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the form of Registration Rights Agreement, a copy of which is filed with this Current Report as Exhibit 10.4 and the terms of which are incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On May 27, 2026, TDAC and ProLogium issued a joint press release announcing their entry into the Business Combination Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated into this Item 7.01 by reference. Furnished as Exhibit 99.2 hereto and incorporated into this Item 7.01 by reference is an investor presentation that TDAC and ProLogium have prepared for use in connection with the announcement of the Business Combination.
The information in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report will not be deemed an admission as to the materiality of any information in this Item 7.01, including Exhibits 99.1 and 99.2.
Forward-Looking Statements
This Current Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are based on beliefs and assumptions and on information currently available to ProLogium and TDAC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including projections of market opportunity, number of customers, vendors or users and market share, the capability of ProLogium’s technology, ProLogium’s business plans including its plans to expand globally, the sources and uses of proceeds from the Business Combination, the anticipated enterprise value of the combined company following the consummation of the Business Combination, any benefits of ProLogium’s partnerships, strategies or plans as they relate to the Business Combination, anticipated benefits of the Business Combination and expectations related to the terms and timing of the Business Combination are also forward-looking statements.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These statements are based on ProLogium’s and TDAC’s reasonable expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond ProLogium’s and TDAC’s control. Forward-looking statements in this Current Report speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for ProLogium or TDAC to predict these events or how they may affect ProLogium or TDAC. In addition, there will be risks and uncertainties described in the proxy statement/prospectus relating to the Business Combination, which is expected to be filed by ProLogium with the SEC, and other documents filed by ProLogium or TDAC from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Neither ProLogium nor TDAC can assure you that the forward-looking statements in this Current Report will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the occurrence of any event, change or other circumstance that could delay, impede or prevent the Business Combination or give rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that may be instituted against ProLogium or TDAC, the combined company or others following the announcement of the Business Combination; the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of ProLogium or TDAC or to satisfy other conditions to closing; failure to obtain the TDAC Extension, the amount of redemption requests made by TDAC’s public shareholders or the Company Shareholders; the ability to maintain the stock exchange listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of ProLogium or TDAC as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination; costs related to the Business Combination; changes in applicable laws or regulations; international trade disputes, including threatened or implemented tariffs by the U.S. and threatened or implemented tariffs by foreign countries in retaliation; the ability of ProLogium to execute its business model, including market acceptance of its planned products and services; the combined company’s ability to raise capital; future financial performance of the combined company following the Business Combination; the possibility that TDAC or the combined company may be adversely affected by other economic, business and/or competitive factors; risks associated with ProLogium’s efforts to commercialize its products; ProLogium’s ability to maintain its existing agreements with third parties and to negotiate and enter into new definitive agreements on favorable terms, if at all; the impact of competing products on ProLogium’s business; intellectual property-related claims against ProLogium or the combined company; ProLogium’s dependence upon its key personnel and ability to attract and retain such personnel and additional qualified personnel; ProLogium’s ability to source raw materials for its products; and other risks and uncertainties to be set forth in the section entitled “Risk Factors” in the registration statement on Form F-4 to be filed by ProLogium with the SEC and those included under the heading “Risk Factors” in TDAC’s filings with the SEC. There may be additional risks that neither ProLogium nor TDAC presently knows or that ProLogium and TDAC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by ProLogium, TDAC, their respective directors, officers or employees or any other person that ProLogium or TDAC will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this Current Report represent the views of ProLogium and TDAC as of the date of this Current Report. Subsequent events and developments may cause those views to change. Except as required by applicable law, neither ProLogium nor TDAC has any duty to, and does not intend to, update or revise the forward-looking statements in this Current Report after the date of this Current Report. You should, therefore, not rely on these forward-looking statements as representing the views of ProLogium or TDAC as of any date subsequent to the date of this Current Report.
Additional Information and Where to Find It
In connection with the Business Combination, ProLogium is expected to file with the SEC a registration statement on Form F-4, which will include a proxy statement of TDAC and a prospectus of ProLogium. TDAC shareholders and other interested persons are encouraged to read, when available, the preliminary proxy statement/prospectus included in the registration statement and any other documents filed with the SEC because these documents will contain important information about ProLogium, TDAC and the Business Combination. After the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to shareholders of TDAC as of a record date to be established for voting on the Business Combination. Before making any voting or investment decision, investors and shareholders of TDAC are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the Business Combination. The documents filed by TDAC and ProLogium with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Participants in the Solicitation
ProLogium, TDAC and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from TDAC shareholders with respect to the Business Combination. A list of the names of TDAC’s directors and executive officers and information regarding their interests in the Business Combination will be included in the proxy statement/prospectus for the Business Combination when available. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of TDAC shareholders in connection with the Business Combination, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus for the Business Combination when available.
No Offer or Solicitation
This Current Report is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination and does not constitute an offer to sell or the solicitation of an offer to buy any securities of ProLogium or TDAC, nor shall there be any sale of any such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act, or an exemption therefrom.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit | |
| 2.1* | Business Combination Agreement | |
| 10.1 | Sponsor Letter Agreement | |
| 10.2* | Form of Prologium Shareholder Voting Agreement | |
| 10.3* | Form of Prologium Shareholder Lock-Up Agreement | |
| 10.4* | Form of Registration Rights Agreement | |
| 99.1 | Press Release, dated May 27, 2026. | |
| 99.2 | Investor Presentation | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* Certain of the annexes, exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5) and/or Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of any omitted annex, exhibit or schedule to the SEC upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 27, 2026 | TRANSLATIONAL DEVELOPMENT ACQUISITION CORP. | |
| By: | /s/ Michael B. Hoffman | |
| Name: | Michael B. Hoffman | |
| Title: | Chief Executive Officer |
Exhibit 99.1
ProLogium,
a Next Generation Solid-State Battery Developer with 10+ Years of Proven
Commercialization, to List on the Nasdaq through a Merger with
Translational Development
Acquisition Corp.
| · | ProLogium reached commercial-scale manufacturing for solid-state batteries in 2013, later delivered the world’s first solid-state battery demo car with ENOVATE Motor in 2019. |
| · | ProLogium has shipped a total of over 2.4 million battery cells to customers since 2013, of which more than 800,000 are its 3rd-generation batteries from the Gigafactory in Taiwan. |
| · | With a portfolio of 1,100+ patents, ProLogium has introduced its 4th-generation superfluidized inorganic solid-state battery solution with zero thermal runaway, high energy density, low temperature performance, fast charging, competitive cost, and commercial readiness. |
| · | Pre-money valuation of ProLogium is expected to be approximately $3.8 billion. |
| · | The transaction is expected to fund the scaling of the production of the company’s 4th-generation batteries and the construction of ProLogium's new gigafactory in Dunkirk, France—an effort supported by an approved subsidy package of up to ~€1.4 billion from the Government of the French Republic. |
| · | ProLogium is quickly moving into growth markets, including AI data centers, aerospace, robotics, and defense, while continuing to strengthen its position in EVs. |
TAIPEI, Taiwan & NEW YORK – May 27, 2026 – ProLogium Holding Inc. (“ProLogium” or the “Company”), a global leader in the innovation and manufacturing of next-generation solid-state batteries, and Translational Development Acquisition Corp. ("TDAC") (Nasdaq: TDAC), a special purpose acquisition company, today announced they have entered into a definitive agreement for a business combination that would result in ProLogium becoming a publicly listed company (the “Transaction”).
Upon closing of the Transaction, the combined company will be named ProLogium Technology and is expected to be listed on the Nasdaq under the ticker symbol “PRLG”.
For more than two decades, ProLogium has focused on a singular mission: moving solid-state battery technology from the lab to mass production. ProLogium’s proprietary lithium ceramic battery (LCB) platform is designed to deliver significant improvements in energy density, performance and safety. The 4th-generation technology features a triple safety mechanism consisting of non-flammable electrolyte, an all-ceramic separator and an active safety mechanism embedded in superfluidized all inorganic solid-state electrolyte -- marking the first battery with zero thermal runaway risk.
Vincent Yang, Founder and CEO of ProLogium, commented, "Today marks a pivotal moment in ProLogium’s journey in accelerating the commercialization of our industry-leading solid-state batteries. This Transaction is expected to provide us with the capital to fund our next phase of growth -- enabling us to scale the production of our 4th-generation superfluidized inorganic solid-state batteries, advance the construction of our new gigafactory in Dunkirk, France, and support our expansion into adjacent application verticals including data centers, aerospace and robotics while continuing to progress in EVs.”
“We are excited to partner with TDAC’s best-in-class team, who shares our vision of a new energy revolution that is built with next generation solid-state batteries. Today’s Transaction is a critical step in putting our batteries in the hands of more customers, powering cutting-edge technologies and enabling a more sustainable future for all."
Michael B. Hoffman, Chairman and CEO of TDAC, added, “We could not be more excited to partner with Vincent and his team on bringing ProLogium to the public capital markets. We believe that ProLogium is the future of distributed, mission critical energy based on their technological foundation and the capabilities to supply next generation batteries at gigawatt scale. The TDAC team has been involved in the future of energy for decades, including the building of companies such as Talen Energy and Pattern Energy; we see the need for high performance distributed energy capabilities across a host of markets that are only now accessible due to the breakthrough of ProLogium's Gen4 technology and manufacturing capabilities. ProLogium's partnerships with some of the most impressive companies on the planet to deliver new use cases for high performance batteries demonstrate its technology leadership and we believe the company's position as a leader in the energy future is bright.”
ProLogium’s technology leadership is built on a foundation of proprietary IP, with over 1,100 global battery patents and patent applications, and a proven track record of commercialization. The Company is currently advancing commercial applications with strategic partners in off-highway applications such as construction vehicles, and in energy applications and smart mobility markets.
Independent third-party testing further validates the differentiation of the Company’s technology: TÜV Rheinland recently confirmed a record 360 Wh/kg energy density for ProLogium’s latest battery – more than 50% above conventional batteries; and UL Solutions ARC testing verified that ProLogium’s ultra-safe all-inorganic superfluidized all inorganic solid-state battery undergoes no thermal runaway under the Heat-Wait-Seek (HWS) method, marking an industry breakthrough.
The transaction values Prologium at approximately $3.8B on a pre-money, net cash-free basis. ProLogium will seek funding by a combination of TDAC’s cash in trust and proceeds from a targeted common equity PIPE.
The boards of directors of both ProLogium and TDAC have approved the Transaction, which is expected to close in the second half of 2026, subject to approval by the shareholders of both ProLogium and TDAC, regulatory approvals, and other customary closing conditions.
Additional information about the Transaction, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by TDAC with the U.S. Securities and Exchange Commission ("SEC") and available at www.sec.gov.
Advisors
Cohen & Company Markets, a division of Cohen & Company Securities, LLC, is acting as the Exclusive Financial Advisor and Lead Capital Markets Advisor to ProLogium. Crédit Agricole Corporate and Investment Bank is acting as the placement agent to ProLogium. Sullivan & Cromwell LLP and LCS & Partners are serving as legal advisors to ProLogium. BTIG, LLC, is acting as the Exclusive Financial Advisor and Lead Capital Markets Advisor to TDAC. Venable is serving as legal advisor to TDAC.
About ProLogium
Founded in 2006, ProLogium is an energy innovation company dedicated to the development and manufacturing of next-generation lithium ceramic batteries, holding over 1,100 global patents (granted and pending). In 2013, ProLogium introduced the world’s first next-generation battery architecture featuring a 100% ceramic separator, becoming the first company globally to successfully commercialize solid-state batteries. In 2025, ProLogium again led the industry by introducing the world’s first superfluidized all-inorganic solid-state lithium ceramic battery, integrating the advantages of solid-state and liquid type batteries and redefining next-generation battery technology with automation-ready, scalable mass production and cost competitiveness. In 2026, ProLogium once again received the Edison Awards Gold Award for its superfluidized all-inorganic solid-state lithium ceramic battery technology.
With more than 13 years of manufacturing know-how, ProLogium is also the only company globally that can publicly demonstrate a solid-state battery mass-production line—proving that solid-state batteries are not merely a laboratory technology, but a mature solution ready for scalable manufacturing. In 2024, ProLogium inaugurated its first GWh-class gigafactory in Taoyuan, Taiwan, and has shipped more than 800,000 cells to date. In May 2024, ProLogium established its first overseas R&D center in Paris-Saclay, France, providing customized technical support for the European market. The Company’s first overseas GWh-class facility in Dunkirk, France, completed its environmental assessment and building permit process by the end of 2024, with construction expected to begin in 2026. Ramp-up is expected to begin between Q4 2028 and Q1 2029, followed by formal mass production and deliveries in Q2 2029.
About TDAC
TDAC is a blank check company incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. TDAC may pursue an acquisition opportunity in any business, industry, sector, or geographical location, and intends to focus on industries that complement its management team's background and intends to capitalize on the ability of its management team to identify and acquire a business.
TDAC's management team is led by Michael B. Hoffman, its chief executive officer and chairman of the board of directors, and Avanindra C. Das, chief financial officer. In addition, TDAC’s board includes E. Premkumar Reddy, Curtis T. Keith, Matthew A. Kestenbaum and Christopher Jarratt.
Important Information and Where to Find It
For additional information on the Transaction, see TDAC’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the Transaction, ProLogium will file a registration statement on Form F-4 with the SEC that will include a prospectus with respect to ProLogium’s securities to be issued in connection with the Transaction and a proxy statement with respect to the shareholder meeting of TDAC to vote on the Transaction. This communication does not contain all the information that should be considered concerning the Transaction and is not intended to form the basis of any investment decision or any other decision in respect of the Transaction. Before making any voting or investment decision, shareholders of TDAC, investors and other interested persons are advised to read CAREFULLY IN their ENTIRETY, when available, the preliminary proxy statement / prospectus (including any amendments thereto), as well as other documents to be filed with the SEC, because these documents will contain important information about ProLogium, TDAC and the Transaction. After the registration statement is declared effective, the definitive proxy statement / prospectus to be included in the registration statement will be mailed to shareholders of TDAC as of a record date to be established for voting on the Transaction. The preliminary and definitive proxy statement / prospectus to be included in the registration statement, once available, can also be obtained, without charge, at the SEC’s website at www.sec.gov or by directing a request to: info@translational-development.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on beliefs and assumptions and on information currently available to ProLogium and TDAC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including projections of market opportunity, number of customers or user and market share, the capability of ProLogium’s technology, ProLogium’s business plans including its plans to expand globally, the sources and uses of proceeds from the Transaction, the anticipated enterprise value of the combined company following the consummation of the Transaction, any benefits of ProLogium’s partnerships, strategies or plans as they relate to the Transaction, anticipated benefits of the Transaction and expectations related to the terms and timing of the Transaction are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These statements are based on ProLogium and TDAC’s reasonable expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond ProLogium and TDAC’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for ProLogium or TDAC to predict these events or how they may affect ProLogium or TDAC. In addition, there will be risks and uncertainties described in the proxy statement / prospectus relating to the Transaction, which is expected to be filed by ProLogium with the SEC and other documents filed by ProLogium or TDAC from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Neither ProLogium nor TDAC can assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: the occurrence of any event, change or other circumstances that could delay, impede or prevent the business combination or give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against ProLogium or TDAC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of ProLogium and TDAC or of the parties to satisfy other conditions to closing; the amount of redemption requests may by TDAC’s public shareholders; the ability to maintain the stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of ProLogium or TDAC as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination; costs related to the business combination; changes in applicable laws or regulations; international trade disputes, including threatened or implemented tariffs by the U.S. and threatened or implemented tariffs by foreign countries in retaliation; the ability of ProLogium to execute its business model, including market acceptance of its planned products and services; the combined company’s ability to raise capital; future financial performance of the combined company follow the business combination; the possibility that TDAC or the combined company may be adversely affected by other economic, business, and/or competitive factors; risks associated with ProLogium’s efforts to commercialize its products; ProLogium’s ability to maintain its existing agreements with third parties and to negotiate and enter into new definitive agreements on favorable terms, if at all; the impact of competing products on ProLogium’s business; intellectual property-related claims against ProLogium or the combined company; ProLogium’s dependence upon its key personnel and ability to attract and retain such personnel and additional qualified personnel; ProLogium’s ability to source the raw materials for its products; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form F-4 to be filed by ProLogium with the SEC and those included under the heading “Risk Factors” in the final prospectus for TDAC’s initial public offering, filed pursuant to Rule 424b(4) on December 23, 2024, and its annual report on Form 10-K for year ended December 31, 2025 and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC. There may be additional risks that neither ProLogium nor TDAC presently knows or that ProLogium and TDAC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by ProLogium, TDAC, their respective directors, officers or employees or any other person that ProLogium and TDAC will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of ProLogium and TDAC as of the date of this communication. Subsequent events and developments may cause those views to change. Except as required by applicable law, neither ProLogium nor TDAC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of ProLogium or TDAC as of any date subsequent to the date of this communication.
Participants in Solicitation
ProLogium and TDAC and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the Transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of TDAC and their ownership is set forth in TDAC’s filings with the SEC, including TDAC’s final prospectus for its initial public offering, filed pursuant to Rule 424b(4) on December 23, 2024, its Form 10-K for the year ended December 31, 2025 and subsequent filings under section 16 of the Exchange Act or on Form 10-Q. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of TDAC’s shareholders in connection with the Transaction will be set forth in the registration statement containing the preliminary proxy statement/prospectus when those are filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov or by directing a request to: info@translational-development.com.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of ProLogium or TDAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Contacts
sam.chang@prologium.com
prologium@webershandwick.com
Exhibit 99.2
1 Investor Presenta t ion M a y 2 0 26
2 Di s cl a imer T h is do c u m en t c o n t a i n s c o n fi d en ti a l i n f o r m a ti o n regard i n g P r o l o g i u m H o l d i n g I n c . ( t h e “ C o m pan y ” ) , T ran sl a ti o na l D e v e l o p m en t Ac qu isiti o n C o rp . ( “ T DAC ” ) and t h e i r re s p e c t iv e s u b si d i a r i e s , s h areh o l der s and a s s o ci a t e d under t a ki n g s and t h e i r bu si n e s s e s . T h is pre s e n t a ti o n ha s been prepared to a ss i s t i ntere s ted part i e s i n m a k i ng t he i r o w n e v a l uat i on w i th re s pe c t to a poten t i a l bu s i ne ss c o m b i nat i on bet w ee n t h e C o m pan y and T DAC and t h e re l a t e d t r an s a c t i o n s ( t o ge t h er , t h e “ P o t e n ti a l B u si n e s s C o m b i n a ti o n ” ) and f o r no o t h er purpo s e . T h is do c u m en t is be i n g m ade a v a il a b l e on a c o n fi d en ti a l ba sis , and s u b j e c t t o t h e f o ll o wi ng p ro visi o n s , t o a li m it e d nu m ber o f per s o n s w h o m a y be i n t e re s t ed i n t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n . I t is iss u ed f o r t h e e x c l u siv e u s e o f t h e per s o n s t o w h o m i t i s addre s s ed , wit h a vi e w t o a s s is t i n g t h e re ci p i e n t i n d e ci d i n g w h e t h er it wis h e s t o pro c e ed wit h t h e f u r t h er i n v e s t i g a ti o n o f t h e C o m pan y and T DAC. By r e vi e wi ng or read i n g t h is pre s e n t a ti o n , y o u will be dee m ed t o ha v e agreed t o t h e ob li g a ti o n s and re s t r ic t i o n s s e t ou t be l o w . Wit h ou t t h e e x p re s s pr i o r w r it t en c o n s e n t o f T DAC and t h e C o m pan y , t h is pre s e n t a ti o n and an y i n f o r m a ti o n c o n t a i n ed wit h i n it m a y no t be (1) reprodu c e d ( i n w h o l e or i n p ar t ) , (2) c o p i e d a t an y ti m e , (3) u s e d f o r an y purpo s e o t h er t h an y o ur e v a l u a ti o n o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n or (4) pro vi d ed t o or re vi e w e d b y an y o t h er per s o n , e x c ep t y o ur e m p l o y e e s and ad vis o r s wit h a need t o k n o w and w h o a re d i r e c t ed t o k e ep t h is pre s e n t a ti o n c o n fi d en ti a l. T he re ci p i e n t o f t h is pre s e n t a ti o n a c k no wl edge s t h a t it (a) is a w a re t h a t U n it e d St a t e s s e c u r iti e s l a ws proh i b it an y per s o n w ho ha s m a t e r i a l, no n - pub lic i n f o r m a ti o n c o n c e rn i n g a c o m pan y f r o m pur c h a si n g and s e ll i ng s e c u r iti e s o f s u c h c o m pan y or f r o m c o mm un i c a ti n g s u c h i n f o r m a ti o n t o an y o t h er per s o n under ci r c u m s t an c e s i n w h ic h it is rea s o nab ly f o re s e eab l e t h a t s u c h per s o n m a y pur c h a s e or s e ll s u c h s e c u r i t i e s and (b) will ne it h er u s e , nor c a u s e an y t h i r d par t y t o u s e t h is i n v e s t or pre s e n t a ti o n or an y i n f o r m a ti o n c o n t a i n ed here in in vi o l a ti o n o f t h e S e c u r iti e s Exc h ange Act o f 1934 , a s a m ended , i n cl u d i n g , wit h ou t li m it a ti o n , R u l e 10 b - 5 t h ereunder or an y o t h er app lic ab l e s e c u r iti e s l a w. N e it h er t h e C o m pan y , T DAC nor t h e i r re s p e c t iv e s h areho l d er s nor an y o f t h e i r ho l d i n g c o m pan i e s , s u b si d i a r i e s , a s s o ci a t e d und e r t a ki n g s or c o n t r o ll i ng per s o n s , nor an y o f t h e i r re s p e c t iv e d i r e c t or s , o f f ic e r s , par t n er s , e m p l o y e e s , agen t s , repre s e n t a ti v e s o r ad vis e r s m a k e s an y repre s e n t a ti o n or w a rran t y , e x p re s s or i m p li e d , a s t o t h e a c c ura c y or c o m p l e t e ne s s o f t h e i n f o r m a ti o n c o n t a i n ed i n th is do c u m en t or o t h er wis e m ade a v a il a b l e nor a s t o t h e rea s o nab l e ne s s o f an y a s s u m p ti o n c o n t a i n ed here i n or t h ere i n and an y li a b il i t y t h e r e f ore ( i n cl u d i n g i n r e s p e c t o f d i r e c t , i n d i r e c t or c o n s e quen ti a l l o s s o r da m age) is e x p re s s ly d iscl a i m ed . N o t h i n g c o n t a i n ed here i n or t h ere i n is , or s h a l l b e re li e d upon a s , a p ro m is e or repre s e n t a ti o n , w h e t h er a s t o t h e pa s t or t h e f u t u re. T h is do c u m en t doe s no t purpor t t o c o n t a i n a ll o f t h e i n f o r m a ti o n t h a t m a y be requ i r ed t o e v a l u a t e t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n and an y re ci p i e n t hereo f s h ou l d c o ndu c t it s o w n i n dependen t ana lysis o f t h e C o m pan y and T DAC and t h e da t a c o n t a i n ed or re f e r r e d t o here i n . N e it h er t h e C o m pan y nor T DAC under t a k e s or e x p e c t s t o upda t e or o t h er wis e re vis e t h is do c u m en t or an y o t h er m a t e r i a ls s u pp li e d. N o i n f or m a t i on s e t ou t i n t h is do c u m en t will f or m t he ba si s o f an y c o n t ra c t . A n y pro s p e c t iv e i n v e s tor will be requ i red t o a c k no w l edge i n t he pur c h a s e c o n t ra c t t ha t it ha s no t re li e d on , or been i ndu c e d t o en t er i n t o s u c h agree m en t b y , an y repre s e n t a t i o n o r w a rran t y , s a v e a s e x p re s s ly s e t ou t i n s u c h agree m en t . T h is do c u m en t and an y ora l s t a t e m en t s m ade i n c onne c t i o n wit h t h is pre s e n t a ti o n do no t c o n s t it u t e an o f fer or i n vi t a ti o n f o r t h e s a l e or pur c h a s e o f t h e s e c u r iti e s or an y o f t h e a s s e t s , bu si n e s s or under t a ki n g de s c r i b ed here i n , or t h e s o licit a ti o n o f an y v o t e , c o n s e n t or appro v a l i n an y j u r is d ic t i o n i n c onne c t i o n wit h t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n o r an y re l a t e d t r an s a c t i o n s , nor s h a ll t h ere be an y s a l e , is s uan c e or t r an s f er o f an y s e c u r iti e s i n a n y j u r is d ic t i o n w h ere , or t o an y per s o n t o w h o m , s u c h o f fer , s o licit a ti o n or s a l e m a y b e un l a w f u l under t h e l a ws o f s u c h j u r is d ic t i o n . T h is pre s e n t a ti o n doe s no t c o n s t it u t e e it h er ad vic e or a re c o mm enda ti o n regard i n g an y s e c u r iti e s . A n y o f fer t o s e l l s e c u r iti e s will be m ade on ly pur s u an t t o a de fi n itiv e f u ll y - e x e c u t e d de fi n itiv e agree m en t and will be m ade i n re li a n c e on an e x e m p ti o n f r o m reg is t ra ti o n under t h e S e c u r iti e s Act o f 1933 , a s a m ended , f o r o f fer s and s a l e s o f s e c u r iti e s t h a t do no t i n v o lv e a pub lic o f fer i n g . T DAC and t he C o m pan y re s e r v e t h e r i g h t t o wit h dra w or a m end for an y rea s o n an y o f fer i n g and t o re j e c t an y de fi n itiv e agree m en t f o r an y re a s o n . T he c o mm un ic a ti o n o f t h is pre s e n t a ti o n is re s t r ic t ed b y l a w ; i t is no t i n t e nded f o r d is t r i b u ti o n t o , or u s e b y an y per s o n i n , an y j u r is d ic t i o n w h e re s u c h d is t r i b u ti o n or u s e w o u l d be c o n t r ar y t o l o c a l l a w or regu l a ti o n . T he S h areho l d er s re s e r v e t h e r i g h t t o nego ti a t e wit h on e or m ore pro s p e c t iv e i n v e s t or s a t an y t i m e and t o en t e r i n t o a de fi n itiv e agree m en t f o r t h e s a l e f o r t h e fi n an ci n g o f t h is t r an s a c t i o n wit h ou t pr i o r no ti c e t o t he o t h er pro s p e c t iv e i n v e s t or s . T he S h areho l d er s , t h e C o m pan y and T DAC ea c h a ls o re s e r v e s t h e r i g h t , wit h ou t ad v a n c e no ti c e , t o c h ange t h e pro c e dure ; or t o t e r m i n a t e nego ti a ti o n s a t an y ti m e p r i o r t o t h e en t r y i n t o o f an y b i n d i n g c o n t r a c t f o r t h is t r an s a c t i o n.
3 Forw a r d - Lo o ki n g Statements I n f o r m a ti o n i n t h is pre s e n t a ti o n repre s e n t s c u rren t e x p e c t a ti o n s re l a ti n g t o t r an s a c t i o n s t ru c t ure and is s u b j e c t t o f u r t h er d isc u s s i o n and nego ti a ti o n o f de fi n itiv e do c u m en t a ti o n i n it s en ti r e t y . A l l s t a t e m en t s i n th is pre s e n t a ti o n o t h er t h an s t a t e m en t s o f h is t or ic a l f a c t , i n cl u d i n g , bu t no t li m it e d t o , s t a t e m en t s regard i n g t h e C o m pan y ’ s f u t u re opera ti n g re s u lt s , fi n an ci a l po si t i o n , bu si n e s s s t ra t e g y , addre s s ab l e m ar k e t , an ti c i p a t e d bene fi t s o f it s t e c h no l o g i e s , and p l a n s and ob j e c t iv e s f o r f u t u re opera ti o n s and o f fer i n g s are “ f o r w a r d - l o o ki n g s t a t e m en t s ” and c a n o f ten be i d en ti f i e d b y t h e u s e o f t e r m i n o l o g y s u c h a s “ m a y , ” “ will, ” “ e s t i m a t e , ” “ i n t e nd , ” “ c o n ti n ue , ” “ be li e v e , ” “ e x p e c t , ” “ an ti c i p a t e , ” “ s h ou l d , ” “ c o u l d , ” “ po t e n ti a l , ” “ pro j e c t i o n , ” “ f o re c a s t , ” “ p l a n , ” “ t r end , ” “ a s s u m p ti o n , ” “ oppor t u n it y, ” “ pred ic t , ” “ s e e k , ” “ t ar ge t, ” or si m il a r t e r m i n o l o g y , a lt h ough no t a ll f o r w a rd - l o o ki n g s t a t e m en t s c o n t a i n t h e s e i d en ti f yi n g t e r m s . A n y s t a t e m en t s t h a t re f e r t o e x p e c t a ti o n s , pro j e c t i o n s or o t h er c h a r a c t er iz a ti o n s o f f u t u re e v e n t s or ci r c u m s t an c e s , i n cl u d i n g pro j e c t i o n s o f m ar k e t oppor t u n it y , nu m ber o f c u s t o m er s and m ar k e t s h a re , t h e c a pab il i t y o f t h e C o m pan y ’ s t e c h no l o g y , C o m pan y ’ s bu si n e s s p l a n s i n cl u d i n g it s p l a n s t o e x p and g l o ba lly, t h e s o ur c e s and u s e s o f pro c e ed s f r o m t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n , t h e an ti c i p a t e d en t e rpr is e v a l u e o f t h e c o m b i n ed c o m pan y f o ll o wi ng the c o n s u mm a ti o n o f t h e Po t en ti a l B u si n e s s C o m b i n a ti o n , an y bene fi t s o f C o m pan y ’ s par t n er s h i p s , s t ra t e g i e s or p l a n s a s t h e y re l a t e t o t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n , a n ti c i p a t e d bene fi t s o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n and e x p e c t a ti o n s re l a t e d t o t h e t e r m s and ti m i n g o f t h e P o t e n ti a l B u s i ne s s C o m b i n a ti o n are a ls o f o r w a r d - l o o ki n g s t a t e m en t s. T he s e f or w a r d - l oo ki n g s ta t e m en t s are ba s e d upon t he C o m pan y m anage m en t ’ s c u rren t e x p e c ta t i on s , a s s u m p t i on s and e s t i m a t e s a s o f t he da t e o f t h is pre s e n t a t i on , are s u b j e c t t o c h ange and are no t guaran t ee s o f f u t ure re s u lt s or t he t i m i ng t hereo f. W h il e T D A C a nd t he C o m pan y m a y e l e c t t o upda t e t h e s e f o r w a r d - l o o ki n g s t a t e m en t s i n t h e f u t u re , ea c h is no t under an y ob li g a ti o n , and e x p re s s ly d iscl a i m s a n y du t y , t o upda t e or o t h er wis e re vis e t h e i n f o r m a ti o n a f ter t h e da t e o f t h is pre s e n t a ti o n , w h e t h er a s a re s u lt o f ne w i n f o r m a ti o n , ne w de v e l o p m en t s or o t h er wis e. N e it h er C o m pan y nor T DAC c a n a s s ure y o u t h a t t h e f o r w a r d - l o o ki n g s t a t e m en t s i n t h is pre s e n t a ti o n will pro v e t o be a c c ura t e . T he s e f o r w a r d - l o o ki n g s t a t e m en t s are s u b j e c t t o a nu m ber o f r isk s and un c e r t a i n ti e s , i n cl u d i n g , a m ong o t h er s , t h e o c c urren c e o f an y e v e n t , c h ange or o t h er ci r c u m s t an c e t h a t c o u l d de l a y , i m pede o r pre v e n t t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n or g iv e r is e t o t h e t e r m i n a ti o n o f t h e B u si ne s s C o m b i n a ti o n A g ree m en t ; t h e ou t c o m e o f an y l e ga l pro c e ed i n g s t h a t m a y be i n s t it u t e d aga i n s t C o m pan y or T DAC, t h e c o m b i n ed c o m pan y or o t h er s f o ll o wi ng t h e announ c e m en t o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n ; t h e i n ab il i t y t o c o m p l e t e t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n d ue t o t h e f a il u re t o ob t a i n appro v a l o f t h e s h areho l d er s o f C o m pan y or T DAC or t o s a ti s f y o t h er c o nd iti o n s t o cl o si n g ( i n cl u d i n g t h e $250 m il l i o n M i n i m u m C a s h c o nd iti o n) ; f a il u re t o ob t a i n T DAC dead li n e e x t en si o n , t h e a m oun t o f rede m p ti o n reque s t s m ade b y T DAC ’ s pub lic s h areho l d er s or t h e C o m pan y S h areho l d er s ; t h e ab il i t y t o m a i n t a i n t h e s t o c k e x c hange listi n g s t andard s f o ll o wi ng t h e c o n s u mm a ti o n o f t h e P o t en ti a l B u si n e s s C o m b i n a ti o n ; t h e r isk t h a t t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n d is r up t s c u rren t p l a n s and opera ti o n s o f C o m pan y or T DAC a s a r e s u lt o f t h e announ c e m en t and c o n s u mm a ti o n o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n ; t h e ab il i t y t o e x e c u t e on it s bu si n e s s s t ra t e g y a nd t h e ab il i t y t o de v e l o p and c o mm er ci a liz e i t s s o li d - s t a t e ba t ter y t e c h no l o g y ; t h e ab il i t y t o a c c ura t e ly e s t i m a t e t h e f u t u re s u pp ly and de m and f o r it s ba t ter i e s ; t h e ab il i t y to re s p ond rap i d ly t o e m erg i n g t e c h no l o g y t r end s ; t h e ab il i t y t o c o m pe t e e f fe c t iv e ly and t h e ab i li t y t o m anage gro w t h ; t h e ab il i t y t o re c o gn iz e t h e an ti c i p a t e d bene fi t s o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n ; c o s t s re l a t e d t o t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n ; c hange s i n app lic ab l e l a ws or regu l a ti o n s ; i n t e rna ti o na l t r ade d is p u t e s , i n cl u d i n g t h rea t e ned or i m p l e m en t e d tar if f s b y t h e U . S. and t h rea t e ned or i m p l e m en t e d tar if f s b y f o re i g n c o un t r i e s i n re t a li a ti o n ; t h e ab il i t y o f C o m pan y t o e x e c u t e it s bu si n e s s m ode l, i n cl u d i n g m ar k e t a c c ep t a n c e o f it s p l a nned produ c t s and s e r vic e s ; t h e c o m b i n ed c o m pan y ’ s ab il i t y t o ra is e c a p it a l; f u t u re fi n an ci a l per f o r m an c e o f t h e c o m b i n ed c o m pan y f o ll o wi n g t he P o t en t i a l B u si n e s s C o m b i na t i on ; t he po s s i b ilit y t ha t T DA C or t he c o m b i ned c o m pan y m a y be ad v e r s e ly a ff e c ted b y o t h er e c o no m ic , bu si n e s s and / or c o m pe t iti v e f a c tor s ; r is k s a s s o ci a t ed wi t h C o m pan y ’ s e ff or t s t o c o mm er ci a liz e it s produ c t s ; C o m p an y ’ s ab ilit y t o m a i n t a i n it s e xis t i n g agree m en t s wit h t h i r d par ti e s and t o nego ti a t e and en t e r i n t o ne w de fi n itiv e agree m en t s on f a v o rab l e t e r m s , if a t a ll; t h e i m pa c t o f c o m pe ti n g produ c t s on C o m pan y ’ s bu si n e s s ; i n t e ll e c t ua l proper t y - re l a t e d cl a i m s aga i n s t C o m pan y or t h e c o m b i n e d c o m pan y ; C o m pan y ’ s dependen c e upon i t s k e y per s onne l and ab ili t y to at t ra c t and reta i n s u c h per s onne l and add i t i ona l qua li f i ed per s onne l ; C o m pa n y ’ s ab il i t y t o s o ur c e ra w m a t e r i a ls f o r it s produ c t s ; and o t h er r isk s and un c e r t a i n ti e s t o be s e t f o r t h i n the s e c t i o n en ti t l e d “ Ri s k F a c t or s ” i n t h e reg is t ra ti o n s t a t e m en t on F or m F - 4 t o be fil e d b y C o m pan y wit h t h e S E C and t h o s e i n cl u ded under t h e head i n g “ Risk F a c t or s ” i n T DAC ’ s fili ng s wit h the S E C . T here m a y be add iti o na l r isk s t h a t ne it h er C o m pan y nor T DAC pre s e n tl y k n o ws or t h a t C o m pan y and T DAC c u rren tl y be li e v e are i mm a t e r i a l t h a t c o u l d a ls o c a u s e a c t ua l re s u lt s t o d if f er f r o m t h o s e c o n t a i n ed i n t h e f o r w a r d - l o o ki n g s t a t e m en t s. I n li g h t o f t h e si g n ific a n t un c e r t a i n ti e s i n the s e f o r w a r d - l o o ki n g s t a t e m en t s , y o u s h ou l d no t regard t h e s e s t a t e m en t s a s a repre s e n t a ti o n o r w a rran t y b y C o m pan y , T DAC, t h e i r re s p e c t iv e d i r e c t or s , o f f ic e r s or e m p l o y e e s or an y o t h er per s o n t h a t C o m pan y or T DAC will a c h i e v e t h e i r ob j e c t iv e s and p l a n s i n a n y s p e ci f i e d ti m e f r a m e , or a t a ll. T he for w a r d - l o o ki n g s t a t e m en t s i n t h is pre s e n t a ti o n repre s e n t t h e v i e ws o f C o m pan y and T DAC a s o f t h e da t e o f t h is pre s e n t a ti o n . S u b s e quen t e v e n t s and de v e l o p m en t s m a y c a u s e t h o s e vi e ws t o c h a nge . Exc e p t a s requ i r ed b y app lic ab l e l a w , ne it h er C o m pan y nor T DAC ha s an y du t y t o , and doe s no t i n t e nd t o , upda t e or re vis e t h e f o r w a r d - l o o ki n g s t a t e m en t s i n t h is pre s e n t a ti o n a f ter t h e da t e o f t h is pre s e n t a ti o n . Y o u s h ou l d , t h ere f o re , no t re ly on t h e s e f o r w a r d - l o o ki n g s t a t e m e n t s a s repre s e n ti n g t h e vi e ws o f C o m pan y or T DAC a s o f an y da t e s u b s e quen t to t h e da t e o f t h is pre s e n t a ti o n. T he s e f o r w a r d - l o o ki n g s t a t e m en t s are pro vi d ed f o r il l u s t ra ti v e purpo s e s on ly and are no t i n t e nded t o s e r v e , and m u s t no t be re l i ed on b y an y i n v e s t or , a s a guaran t e e , a s s uran c e , pred ic t i o n or de fi n itiv e s t a t e m en t o f f a c t or probab il i t y . Act u a l re s u lt s m a y d if f er m a t e r i a lly f r o m t h o s e c o n t e m p l a t ed i n t he s e s ta t e m en t s due t o a v a r i e t y o f r is k s and un c e r t a i n t i e s , i n cl u d i ng , bu t no t li m it e d t o , r is k s and un c e r t a i n t i e s re l a t ed t o t he i nab ilit y o f t he par t i e s t o s u c c e s s f u lly or t i m e ly c o n s u mm a t e t he P o t en t i a l B u si n e s s C o m b i na t i on , i n cl u d i ng t he r is k t ha t an y requ i red regu l a t o r y appro v a ls are no t ob t a i n ed , are de l a y e d or are s u b j e c t t o unan ti c i p a t e d c o nd iti o n s t h a t c o u l d ad v e r s e ly a f fe c t t h e c o m b i n ed c o m pan y or t h e e x p e c t ed bene fi t s o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n , and t h e f a il u re t o rea liz e t h e an ti c i p a t e d be n e f i t s o f t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n ; t h e C o m pan y ’ s ab il i t y t o e x e c u t e on it s bu si n e s s s t ra t e g y and t h e ab il i t y t o de v e l o p and c o mm er ci a liz e it s s o li d - s t a t e ba t ter y t e c h no l o g y ; ab il i t y to a c c ura t e ly e s t i m a t e t h e f u t u re s u pp ly and de m and f o r it s ba t ter i e s ; ab il i t y t o re s p ond ra p i d ly t o e m erg i n g t e c h no l o g y t r end s , ab il i t y t o c o m pe t e e f fe c t iv e ly and ab il i t y t o m anage gro w t h ; t h e nu m ber o f rede m p ti o n reque s t s m ade b y T DAC ’ s pub lic s t o c k ho l der s and t h e ab il i t y o f T DAC or t h e c o m b i n ed c o m pan y t o iss u e equ it y or equ it y - li n k e d s e c u r iti e s i n c o nne c t i o n wit h the P o t e n ti a l B u si n e s s C o m b i n a ti o n or i n the f u t u re ; and t h o s e f a c t or s d isc u s s ed i n do c u m en t s o f T DAC fil e d , or t o be fil e d , wit h t h e U . S. S e c u r iti e s and Exc h ange C o m m issi o n ( “ S E C ” ) . I f an y o f t h e s e r isk s m a t e r i a liz e or our a s s u m p ti o n s pro v e i n c o rre c t , a c t ua l re s u lt s c o u l d d if f er m a t e r i a lly f ro m t h e re s u lt s i m p li e d b y t h e s e f o r w a rd - l o o ki n g s t a t e m en t s . T here m a y be add iti o na l r isk s t h a t ne it h er T DAC nor t h e C o m pan y pre s e n tl y k n o w o f or t h a t T DAC and t he C o m pan y c u rren tl y be li e v e are i m m a t e r i a l t h a t c o u l d a ls o c a u s e a c t ua l re s u lt s t o d if f er f r o m t h o s e c o n t a i n ed i n t h e f o r w a r d - l oo ki n g s t a t e m en t s . I n add iti o n , f o r w a r d - l o o ki n g s t a t e m en t s re fl e c t T DAC ’ s and t h e C o m pan y ’ s e x p e c t a ti o n s , p l a n s or f o re c a s t s o f f u t u re e v e n t s and vi e w s a s o f t h e da t e o f t h is pre s e n t a ti o n . T DAC and t h e C o m pan y an ti c i p a t e t h a t s u b s e quen t e v e n t s and de v e l o p m en t s will c a u s e T D A C ’ s and t h e C o m pan y ’ s a s s e s s m en t s t o c h ange.
4 Additiona l Di s cl o sur es U s e o f D a ta T h is pre s e n t a ti o n a ls o c on t a i n s e s t i m a t e s and o t h er s t a ti s ti c a l da t a m ade b y i n dependen t par ti e s and b y t h e C o m pan y re l a ti n g t o c o m pe ti t or s , c u s t o m er s , s u pp li e r s , par t n er s , m ar k e t par ti c i p an t s , t h i r d - par t y t e c h no l o g i e s , m ar k e t siz e a nd gro w t h and o t h er i n d u s t r y da t a . T he s e da t a i n v o lv e a nu m ber o f a s s u m p ti o n s and li m it a ti o n s , and y o u are c a u ti o ned no t t o g iv e undue w e i g h t t o s u c h e s t i m a t e s . T he C o m pan y and T DAC ha v e no t i ndependent l y v er i f i ed the s ta t i s t i c a l and other i ndu s tr y data generated b y i ndependent part i e s and c onta i ned i n th i s pre s enta t i on and , a c c ord i n g ly , c a nno t guaran t e e t h e i r a c c ura c y or c o m p l e t e ne s s . S u c h i n f o r m a ti o n m a y no t be d i r e c t ly c o m parab l e a c r o s s c o m pan i e s due t o d if f eren c e s i n d e fi n iti o n s , m e t h odo l o g i e s , t e s t i n g c o nd iti o n s , repor ti n g per i o d s , produ c t c o n fi g ura ti o n s and o t h e r f a c t or s. Im p o r ta n t I n f o r m at i o n f o r I n vest o r s a nd S h a r e ho l d e rs T DAC and t h e C o m pan y and t h e i r re s p e c t iv e d i r e c t or s and e x e c u ti v e o f f ic e r s and o t h er m e m ber s o f m anage m en t and e m p l o y e e s , un d er S E C ru l e s , m a y be dee m ed t o be par ti c i p an t s i n the s o licit a ti o n o f pro xi e s o f T DAC s t o c k ho l d er s i n c onne c t i o n wit h t h e P o t e n t i a l B u si n e s s C o m b i n a ti o n . I n v e s t or s and s e c u r it y ho l d er s m a y ob t a i n m ore de t a il e d i n f o r m a ti o n regard i n g t h e na m e s and i n t e re s t s o f T DAC ’ s d i r e c t or s and o f f ic e r s i n the P o t e n ti a l B u si n e s s C o m b i n a ti o n i n T DAC ’ s fili ng s wit h t h e S E C , i n cl u d i n g T DAC ’ s reg is t ra ti o n s t a t e m en t on F or m S - 1 , w h ic h w a s de cl a red e ff e c t iv e b y t he SEC on D e c e m ber 23 , 2024 . I n f or m a t i on regard i ng t he per s o n s w h o m a y , under SEC ru l e s , be dee m e d p a r t ici p an t s i n t he s o lici t a t i on o f pro xi e s t o T DA C ’ s s to c k ho l der s i n c o nne c t i on wi t h t he P o t en t i a l B u si n e s s C o m b i na t i on will b e s e t f or t h i n t he pro x y s t a t e m en t f o r t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n , w h ic h is e x p e c t ed t o be fil e d b y T DAC wit h t h e S E C. T h is pre s e n t a ti o n is no t a s u b s t it u t e f o r t h e reg is t ra ti o n s t a t e m en t or f o r an y o t h er do c u m en t t h a t t h e C o m pan y and T DAC ha ve f il e d and will fil e wit h the S E C i n c onne c t i o n wit h t h e P o t e n ti a l B u si n e s s C o m b i n a ti o n. I N V E S T O RS AND S E CUR I T Y H OL DER S AR E UR G ED T O R E A D T HE D O CU M EN T S F I L ED WI T H T HE S E C CAR E F U L L Y AND I N T HEIR EN T I R E T Y WHEN T HE Y B EC O M E A V AI L A B L E B E CAU S E T HE Y WI L L C O N T AIN I M POR T AN T I N F O R M A T I O N . I N V E S T O RS AND S E CUR I T Y H OL DER S M A Y O B T AIN F RE E C O PIE S O F O T HER D O CU M EN T S F I L ED WI T H T HE S E C B Y T DAC A T H TT P:/ / WWW.S E C . GO V . I N V E S TM E N T I N AN Y S E CUR I T IES DE S CR I B E D HER E I N HA S N O T B E EN A P PROVED O R D I S A P P R O V E D BY T HE S E C O R AN Y O T HER REGU L A T O RY AU T H O R I T Y N O R HA S ANY REGU L A T O RY AU T H O R I T Y P A S S ED UPON O R ENDO R S E D T HE M ERI T S O F T HE O FF ERIN G O R T HE ACCURAC Y O R AD E Q UAC Y O F T HE I N F O R M A T I O N C O N T AINED HER E I N . AN Y RE P RE S EN T A T I O N T O T HE C O N T RAR Y IS A CR I M I N A L O F F E N S E . T H I S PR E S E N T A T I O N D O E S N O T C O NS T I T U T E AN O FF ER O R SO L I C I T A T I O N O F ANY S E CUR I T IES. T DAC WI L L M A K E AN Y O FF ER T O SE L L S E CUR I T IES O N L Y PUR S UAN T T O A DE F I N I T IVE SU B SCRIP T I O N AGREE M E N T , AND T DAC AND T H E C O M P A NY RE S ER V E T HE R I G H T T O W I T HDRAW O R A M END F O R AN Y RE A SON AN Y O FF ERIN G AND T O REJEC T AN Y SU B SCRIP T I O N AGREE M E N T I N WH O L E O R I N P A R T F O R AN Y R E A SON.
5 Pres e nters M i c h a e l B. Hoffm an C h a irm a n and CEO B e n L ee C FO V in c e n t Y a ng F ounde r , CEO & C TO • Ov e r 28 y e a rs in t h e l i t h ium b a t te ry in d u stry and the inv e n t o r o f 1 , 0 00 + wor l d w i de pa t e n ts in t h e s o l i d - st a t e ba t te ry s pa ce • P la n t D i rec t o r o f Day u a n P la n t and Di r e ct o r o f R&D D e p t . , F o xc onn A d v an c ed T e c hno lo gy • D i r e ct o r , P o l y m e r Ba t te r y D i v i s io n , U lt r a - l i f e T a i w an • B . S . and M. S . , C he m ical E ng in e e r i ng & M a t e r i a ls S cie n c e and E ng in e e r i ng , Na t io n a l T a i w an Univ e rs i ty • F o r m e r P a rt n e r a t R i v e rst o ne Hol d in g s ($ 3 7 B fund m anage r ) ; C o - He a d o f Re n e wa b le and P o wer S tr a t e g ies pe rso n a l l y o v e rse e in g ~ $ 7 B i n equ ity c o mm it m en ts • Led la n d m a rk e ne rgy inv e stme n ts incl ud in g T a le n E ne rgy (~$ 4 00 M → ~ $ 18 B ) a nd P a t te rn E ne rgy (~$ 1 B → ~ $ 20 B ), de m on str a ti ng a p rov e n tr a ck rec o rd o f ene rgy v a lu e cre a ti on a t sc a le • S en ior M anag in g Di r e ct o r & H ead o f M & A a t T h e B lacks tone Gr o up f o r 1 5 y e a rs; s e rve d on P r i v a t e E qu ity I n v e stme n t Com m itt e e a nd E x e c u tiv e Com m itt ee A vi Das CFO • Ne a r l y 20 y e a rs o f fi nan cin g e x pe r i en c e , incl ud in g work i ng wit h M r . Ho f fm a n o n 3 p r i o r S P A Cs and a t R i v e rst o ne • S t a rt e d h is c a re e r a s an i n v e stme n t ban k e r a t G o ldma n S a c hs • 20 + y ea rs o f e x pe r i en c e in fi nan c e and a cc oun ti ng , incl ud in g le a de rshi p rol e s and pub l i c o f f e r i ng s w i t h C anad ia n S o lar and Y u m ! B ra n ds
6 Tra n sactio n Summ a ry F u n d in g s u p p orts Pro L o g ium ’ s ma n uf a ct u r in g e x p a n s io n o u tsid e T aiw a n a n d G e n 4 b a t t ery c o mm e r cializ a t i o n ; In i t i al p h a s e of D u n k i r k, Fran c e facto r y s u p p or t s > 4 GWh/y r of 4 t h Ge n erat i o n S o l i d - State b a t t ery p r o d u c t i o n P r e - Money Enter p ri s e Val u ation ( 1) Co m p e l l i n g v a l u a t i o n i n l i g h t of Pro L o g i u m ’ s n e x t - g e n e ra t i o n b a tt e r y t e c h n o l o g y , m a n u f act u ri n g tr a ck recor d , a n d c o m m erci a l tr a c t i on TAR G ET G R OSS P ROCEEDS Wi l l s e e k t o b e f u n d e d by a c o m b i n a t i o n o f a n t i c i p a t e d PIPE pr o c e e ds a n d TDAC c ash i n tr u s t at the c l o s e of the tra n s a c t i on ~$3.8B ~$300M ( 1 ) P r e - M on e y E qu i ty V a l u a t i o n o f ~ $ 3 . 9 B ad j u s t ed f o r $100 M i n ne t c a s h on P r oL o g i u m ba l a n c e s he e t. S ee page 38 f o r de t a i l s.
7 ProL o gium has b een a Glo b a l Leader in SSB De s ign a n d M a nuf a cturi n g since 2006 The F i rs t Soli d - St a t e Bat t e ry ( “ SSB ” ) C o mpan y t o Ac h i e v e C o m m e rcia l - Scale Cell P r oduc t ion (20 1 3) and Ap p roach Gi g awat t - hour Scale P r oduc t ion Capacity (20 2 7) The F i rst Solid Stat e Battery D e mo Car in 20 19 D e sig n e d A Battery with zero Thermal Ru n away ris k with Gen 4 T e chno l ogy La r ges t Patent Po r tfol i o A mong P u r e - P l ay SS B Manu f acture rs Awarde d the EU ’ s la r gest subsidy to a fo r eign Battery D e v e lo p er (u p t o ~€ 1 .4 B ) to drive European E x pa n sion in Dun k ir k , F ra n c e ( 1) ~$690 M Raised to Dat e f r om I n stitutional and Strategic Pa r ti es ( 1 ) S ee page 45 f o r de t a i l s.
8 ProL o gium is adva n cin g the next generatio n of batteries B a tt e ri e s h a v e b e c o m e o n e o f t h e m ost c rit i c a l s tr a t e g i c as s e t s u n d e rp i n n i n g t h e m o d er n eco n o m y , as t h e wor l d u n d e rg o es a onc e - i n - a - g e n e ra t i o n tr a nsf o rm a t i o n dr i v e n by e l ectri f icat i o n , e n er g y tr a nsit i o n , a n d AI i n fr a s tr u c t u re e xp a n sion B u t f o r t h e p a s t 4 0 y e a r s , h i g h er e n er g y d e nsity i n evit a b l y i n c re a s es t h er m a l ru n aw a y ris k B o t h c urr e n t l i q u i d , s o l i d - l i q u i d or a l l - s o l i d - s t a t e s o l u t i o ns re m a i n a c o m pr o m ise b e twe e n s a f e t y , e n er g y d e nsit y , p e rf o rm a nce , a n d c ost Batteri e s are Str a t e gic In f rastruc t ure Both liquid & S o lid a re trapped by trad e - of fs Not an o t h er s o l i d - s t a t e b a tt e r y – t h e 4 t h g e n e ra t i o n Pro L o g i um b a tt e r y re p rese n ts t h e s a f est s o l i d - s t a t e b a tt e r y ever d e v e l o p ed ProLo g iu m Gen 4 co m bi n e s • Z e ro t h er m a l ru n aw a y ris k • Hi g h en e rgy d e nsity • B a l a nce d e l ectrica l p e rf o rm a nce • M anu f a ctur i ng kn o w - how • Cost co m p e t i t i v e n ess in a sin g l e s o lut i on Gen 4 c h a nges that
9 ProL o gium ’ s techno l ogy addre s se s Customers ’ Requir e ments P R O B L E M T R A D I T I O N A L L I - I O N G E N 4 S O L U T I O N K E Y P R O L O G I U M P L A T F O R M A D V A N T A G E ZERO Therma l runa w ay Varia b le Therma l runa w ay N o n - flam m ab l e so l i d electrolyte + 10 0 % ceramic se p a rator + Ac t iv e Safety Mec h an ism (ASM) T he rma l r una w a y risk re d u ces adop tio n and use cas e s i n hi g h - safety mark e ts → 360 – 470 W h/ kg 265 – 300 Wh/kg En a b l e s 500 + mi l e EV r a nge , e V T O L vi a b i l it y , and li g h ter pa cks a cross ro b o tics and a e ros p a ce En e rgy d e n sity i n su f fici e n t for ne cess a ry p ro d u c t a dop tio n o r w e i g h t re q u ir e me n ts → 4.6 – 6.4 mins F r om 5 % to 60 – 80 % S oC 20 - 45 mi ns F r om 5 % to 6 0 – 80 % S oC C h a rg i ng sp e ed s app ro a ch i ng ga so l i n e p a rity un l o ck ing h ighe r u ti l i z a ti on f o r e l e ctric v e h i c l e s & r obo tics C h a rg e times cre a tes co n sum e r fricti o n a n d i n frastr u ctur e stra i n → pro v e n his t or y of Manufactu r in g G i ga - le v e l pro d uct i on Unsolv e d C h al l e n ges C onf l i c t s bet w een mat e ria l and c e l l sys tem nature Pro d u c t i o n s i n ce 2 0 13 and >1 0 ye a rs o f ma n u facturi n g e xp e r t is e bu i l t thro u gh 3 g ene rati o n s o f p ro d u c t i o n l i ne s (> 8 00 k c e l l s sh i pped f r o m g i g a f a ctory s i n c e 2 0 24) N o n e x t g ene rati o n ba t t e ry ha s been p rov e n w i th m anu factura b i l ity a t sca l e o r d e l i v e r c o mm e rc i a l pe rform a n ce → Lo w - c o s t ma t e r ia l & s t r e am l ined pro c ess R a r e ma t e r ia l & pro c ess c o mp l exity Pro p ri e tary e l e c t ro l y t e with n o rar e mater i a ls + r edu ce d p ro d u c t i o n s t ep s = l o w e r C a p Ex + O p Ex un it costs H i gh c o s t s h i n de r th e comm e rci a l i zati o n o f ne x t g ene rati o n ba t t e ri es → P R O B L E M C U R R E N T S O L I D S T A T E G E N 4 S O L U T I O N K E Y P R O L O G I U M P L A T F O R M A D V A N T A G E
10 I. The Company
11 ProL o gium is defining the path to sca l a b le nex t - ge n b a tter i es OVERV I EW KE Y HIG H L I GHTS N e x t - Gen Bat t e ry G en 4: Superflu i d i z ed ( S o l i d - S tate 2.0) Op e rational Gigafac t ory Tao y uan, Taiwan € 1 .4B F r e nch G o vernm e n t S ubsidy D un k ir k G i g afa c tory Ba l anced S olutions 5 - P i l l a r Frame w ork Wor l d - cla ss Cu s t ome rs G l o ba l E nterpri s es Global Part n e r N e t work Indu s tria l and R & D P artners T o p - t ie r S t rategic Bac ke rs S erie s E In v e s tors In P at e nts YE 2 0 2 5 P at e nts Y ea rs o f B a t te ry Dev e lo p m ent YE 2025 P a t e n ts $ M U S D Rais ed t o D a te E m p loy e e s Cells Delivere d t o G lo b a l C l ie n ts S inc e 2013 A u t o m o tiv e S a m p les Delivered C o s t a nd S ca l a b i l i ty D e n s i ty P e r fo r m a n ce S a f e ty M a nuf a c tu r i ng T r ack R ec o rd Fas t C ha r g i ng F r o m 5 t o 80 % a t 5C - 20 ° C P e r f o r m a nce R e t en t i on I n d u st ry - l e a d i ng PATENTS 70 % A c t iv e P atents
12 Underpinned by a Patent Portfo l io that Provide s industr y - leading sca l e & coverage ~30% CAGR i n Pr o Lo g i um ’ s P a t e n t Po r tf ol i o Pro L og i u m L ea d s i n T o tal Pat e n t Sc a le & Qu a l i ty ( N orma l i z ed to 100 %) 17 % o f Pro L og i u m ’ s Pat e n t A r e Rank e d A ( 1) 100% 50% 26% 22% 20% A c t iv e p a t e n t : 70% A c t iv e P a t e n t % T ot a l P at e nt 31 600 1 , 0 52 1 , 2 5 0* 2 0 1 2 2 0 2 2 2 0 2 5 2 0 26 C A TL BYD L G C hem S am s ung P roLo g i u m 17% 13% 12% 8% 4% * P l a nne d b y t he end o f 2026. ( 1 ) B a s ed on v a l u e m e tr i c s i n c l u d i n g c o mm e r c i a l i z a t i o n a c t i o nab i l i ty , m a r k e t c ond i t i o n s and i n du s tr i a l po s i t i o n i n g o f t he i n v en t i o n b y 3 r d pa rt y pa t en t p l a tf o r m i n 2023.
13 ProL o gium ’ s Pl a n to Sca l e Glo b a l ly fro m fou n datio n in Taiwan 1 s t F a c t o ry T a o y u a n, T a i wan T ao ke F a ct o ry SSB G ig a f a ct o ry (O p e ra t in g) 2 nd Fa c t ory Du n k i r k , Fr a n ce 2nd SSB Gi ga f a ct o ry ( U nde r Co n str u cti on) Fur t h e r E x p a n s ion T a o k e G i g a fa c tor y: • T h e w o r l d ’ s 1s t S S B gig a fa c t o ry • 2025 P ro d u cti on Ca p a cit y : 0 . 5 GWh • 2030 E P ro d u cti on Ca p a city: > 1 . 0 GWh • M ax D es ign C a p a c it y : 3 . 0 GWh A P AC Du n k i r k G ig a fa c t o r y : • S tr o ng g o v e rnme n t s uppo rt • T a rg e ti ng c o mm e rc i a l ope ra t io n s b y YE 2029 • 2030 E P ro d u cti on Ca p a city: 4 . 0 GWh • M ax D es ign C a p a c it y : 4 4 . 0 GWh E u r ope US E x p a n s ion : • I n itia ted d iscussi on s w i t h U. S . and C anad ia n go v e rnme n t agen cies • Co n du cti ng sit e s e lec t io n a cross m u ltipl e U. S . st a t es • I n lay s upp ly fr o m A sia / E U; P a rt n e r a ss e m b ly in U. S. N o r th A me r ica
14 Phased M a ss Production Ro a dmap N o t e : A n t i c i p a t ed p r odu c t i o n c ap a c i t i e s a r e m anag e m en t e s t im a t e s and a r e s ub j e c t t o c hang e due t o a v a i l ab l e f i n an c i n g and o t h e r f a c t o r s ou t s i d e o f t he C o m pan y ’ s c on tr o l. A c c u mula t iv e Prod u ction C a pa c i t y (GWH) 2030 E 1 .05 4 2029 E 0 .75 0 .8 0 .55 2027E 2024A 2017A 2013A 2031 E 1 .05 4 2032 E 12 0 .05 0 .01 2 .05 T a i w an F r an ce 0 .8 2013 0.01 G WH TAI W AN: Up to 3 G W H FRAN C E : up to 44 G WH 2026 2024 G roun d - B reak i ng E v ent French Proje c ts C om m en c ed 2017 0.05 G WH 2024 0.55 G WH 2027 0.80 G WH 2029 0.80 G WH 2030 1.05 G WH 2031 1.05G WH 2032 2.05 G WH 2029 0.75 G WH 2030 4.00 G WH 2031 4.00G WH 2032 12.00 G WH
15 Sca l e - up in M a nuf a cturing m a tched to M a rket Targeting P ortabl e Ac c ess ori e s , W ea r a bles S e m i c on d u c t o r , AG V , A u t om ot i ve P r e m i um V e hi c le M a r ke ts E m e rging M a r ke ts Proven Market A d option Pr e pared f o r Next st a g e o f g rowth 200 6 202 5 2030+ Flexibl e L it h ium Cer a m ic B a t te ry P ou c h L it h ium Cer a m ic B a t te ry P ou c h L it h ium Cer a m ic B a t te ry La rg e L it h ium Cer a m ic B a t te ry C e l l S i ze S ma l l S i z e , ~3 0 Ah L a r g e Si z e , ~1 0 0 Ah A e r o s pa c e D a t a C en t e r ESS R obo t i cs
16 II. Market Perspective & Commercialization
17 Tractio n A c ross The Battery Ecosyst e m | a Focus o n High Growth Emerging M a rkets N o t e : A l l t a r ge t m a r k e t s a r e s uppo rt e d b y s e c u r ed c u s t o m e r c o mm i t m en t s ( M o U / L O I/ P O / DA ). ( 1 ) R ep r e s e n t s C o m pa n y ’ s t a r ge t ed b r ea k d o w n o f 2032 r e v enu e b y c u s t o m e r m a r k e t s eg m e n t. E m e rg i ng Mar ket ma i n s tr e am Mar ket Mark e t S egments Rob o ti c s Dat a C e n t e r ESS A e rospa ce Def e n se C U S T OME R S w i t h P O S /MO U S (P R) P a sse n g e r E Vs ( L u x u r y , e x e c u t i v e & m a ss m a r k e t) Comm e r c i a l V e hi c l es C o n s t ructio n V e hic l e s M o t orbi k es / E - Bi k es Target Cu s tomer Mar k et by Revenue (1) 25 + C u s t ome rs 14+ O E M S 8+ T I E R 1 BEV - Lu x ury BEV - E x e c ut i ve BEV - Ma ss C om m erc i a l V ehi c les 2 - 3 Wheelers O f f - R oad V eh i c l es A eros p a ce R obot i cs D ata C enter ESS D efen se O thers N o n - EV Markets ~50% EV Markets ~50%
18 ProL o gium ’ s Techno l ogy addre s se s the d e m a nds of Premium Mar k et Segments S ou r c e : P r e m i um A u t o m o t i v e : U l t r a - Fa s t EV B a tt e r i e s M a r k e t - S tr a t eg i c I n s i g h t s and Fo r e c a s t s ( 202 5 - 2 030 ) ( K no w l e d ge S o u r c i n g I n t e l l i g en c e ), A e r o s p a c e a n d D e f en s e B a tt e r y M a r k e t C u rr e n t T r en d s A na l y s i s 2026 t o 2035 (I n s i g h t a c e A na l y t i c ), H u m an o i d R obo t B a t t e r y N a v i g a t i n g D y na m i c s C o m p r e he n s i v e A n a l y s i s and Fo r e c a s t s 202 5 - 203 3 ( M a r k e t R epo rt A na l y t i c s ), D a t a C en t e r B a tt e r y M a r k e t ( 2026 - 2033 ) ( G r a n d V i e w R e s ea r c h ), E l e c tr i c V eh i c l e B a tt e r y M a r k e t ( 2025 - 2030 ) ( G r a n d V i e w R e s ea r c h ). P r e m i um Au t omo t i ve Ae r o s p a ce & D e fen se Ro b o t i cs Dat a C e n t e r ESS M ass M a r k e t Au t omo t i ve T A R G E T S E G M E N T 2030 E T AM ( $ B) Hig h volta g e p o w e r & e n erg y d e n s i t y wi t h o ut n e e d for p r e s s u r e ma n a g em e nt S a fest b a t t ery tec h n o lo g y for mis s io n - cr i t i c a l a p plic a t i o ns E x te n d e d o p eration a l l i fe w i th o ut s a cr i f i cin g w e ig h t or p o w er S a fest b a t t ery tec h n o lo g y for c ol o c a t i o n wi t h hig h - v a lue c o mp u te P u r s u in g r ol l - o u t p r o c e s s o v er t i me; i n c r e a s e d pro d u c t i o n c a p a city wi l l c r e a te o p p o r tu n i t y to target at s c ale in th e future ~$17 ~$15 ~$15 ~$5 ~$199 1 1% 8% 39% 7% 22% T h e A d v a n t a ge R e l a t i v e Pr o d u c t ’ 2 5 - 30 E T AM C A G R G r o ss M a r g in F u ture N e ar - T erm Mark e ts
19 Mark e t S egment Opportunity Gen 4 vs tradi t ional L i - ion P r em i um S e gmen t EVs Prem i u m pa sse n ge r app l i cati o n s bene fi t f rom e x t ended ra n ge , fast e r c ha r g i n g , and co l d - w ea th e r pe rform a n ce +20 - 55% Dr i v i ng Range 6 Min Charg e T i me Ae r o s p a ce St r i n gen t w e i g h t and v o l u me co n s t ra i n t s , and zer o - tol e ra n ce safety s t anda rds. SSB is t he id e a l o p tio n and c ritic a l e n ab l er - 30 - 50% Weight 800 + KM D i s t ance De f e n se Saf e t y , h i g h e ne rgy den sit y , h i g h p ress u re ope rati n g pe r f o rma n ce, non - PR C s upp ly ch a in +20 - 30% Mi ss i on T ime No n - PRC Su p p ly Chain Robo t i cs Saf e t y a nd lo n ge r ope rati n g time enab l e d by hi g h ene rgy d e n sity be com e ga tin g f a c t o rs to s c a l e m a j o r u se cas es +40 - 55% Work i ng T ime 6 Min Charge T ime Da t a Cen t e r ESS Sp a ce l i mits , f a s t - d isc h a rg e , h i g h - po w e r need s , and el e vate d o n - rack safety re q u ir e me n t s i n Data ce n ter app l i cati o n s boo s t SSB adop tion +2 - 5x P o wer d e nsity - 10 - 20% He a t Genera t i on Deliv e ring Sup e rior Perform a n c e for Customers N o t e : R ang e i n c l u d e s G en 4 and G en 4 + e x pe c t ed pe rf o r m a n c e v e r s u s tr ad i t i o na l L i - i o n.
20 En a bli n g part n ersh i ps to a c celerate co m mercia l iz a ti o n & expa n sion M a t e r i a l C e ll / M o du l e / P ac k A pp li ca ti on M a r ket S e lec t P a rt n e rshi ps P ro L og ium ’ s P a t e n ts f o r P a rt n e rship Colla b o ra t ion M odel P ro p r i e t a ry m a t e r i a l / c o m ponen t reci p e o f G e n 4 te c hno lo g y ( i.e . , e lectro d e m a t e r ials, e lectrolyte) Cell a ss e m b ly m anu f a ct u r i ng t e ch n o lo g y w ith Pro L og iu m I n lay I n l ay P o uch c ell Nex t - gene ra t io n m ob i l ity / ene rgy solu t io n s f e a t u r in g Pro L og iu m cells S upe r fluidiz e d All Inorg a ni c S ol i d - S tate Li t hium C e r a mi c Bat t e ry In l ay Pro p r iet a r y I n lay str u ct u re p rovi d e s P ro L og ium w i t h fl e xibil i ty t o lice n s e , s e l l , bu i l t c apa city w i t h v a lu e c ha in pa rt n e rs t o re d u c e c o st and incr e a s e rev e nue. P a rt n e r P ro L og ium M a t e r i a l S a les L ice n se P ro L og ium Cell and I n lay S a les , L ice n sing P a rt n er Nex t Genera t i on Ba t t ery Valu e Ch a in N o t e : A l l tr ade m a r ks , l o go s , and b r an d n a m e s u s ed i n t h i s do c u m e n t a r e t he p r ope rt y o f t he i r r e s pe c t i v e o w ne r s . The y a r e u s e d f o r i d en t i f i c a t i o n pu r p o s e s on l y and do no t im p l y an y a ff i l i a t i o n , pa rt ne r s h i p , o r endo r s e m en t be t w ee n t he tr ade m a r k o w ne r s an d P r oL o g i u m.
21 C a se Stu d y: Supplying B a tter i es as B a c k up Units for AI D at a Centers Strategic Pa r tner Oppor t unity A s a le a d in g p rovi d e r o f s m a rt m ob i l e ene rgy st o ra g e s o lu t io n s, Darf o n E ne rgy s pe cializes in p ro d u cin g h ig h - pe rf o r m an c e ba t te ry pa cks and i n t e l l ig e n t ene rgy st o ra g e t e c hno lo g ies . B a ck ed b y 25 + y ea rs o f e lec t ro n ics he r i t a ge , it c o l l abo ra t e s wit h N V ID I A a nd in d u str y pa r t n e r s t o scal e A I a pp l i ca t io n s. It s g lo b a l ope r a tio n s sp a n J apan , S ou t h K o re a , t h e Unit e d S t a t e s, and E u ro p e. High As s e t V a lu e & Down t i m e Ri sk A I s e rvers a r e c o stly, a n d o u t a g e s c a u s e s e v e r e o p e ra t i o na l a n d fi n a n cial loss e s. G P U P ow e r Co n s ump t ion S urge E x p on e n ti a l g rowt h in G P U p o wer d e m a n d s ( ~ 1 , 0 00 W in 2 0 2 5 ) is s t r a ini ng p o w e r a n d c o o l i n g sys t e m s. BB U S p a c e Con s tra i nts H i g h - p o wer G P Us, c oo l i n g , a n d p o wer syst e m s a re sq u e e z i n g a vaila b l e B BU s p a c e . C y b e r s e c ur i ty Ch a l l e ng es Na t i o na l s e c u r i ty a n d p o l i cy re q u i r e m e n ts de m a nd a sec u r e s u p p l y c h a in. Bottlenecks So l utions E x t r e m e S a fet y & Optim a l Ru n ti me (P a ck M a k e r) ( C e l l M a k e r) A Leading U.S. Multinational Semicond u ctor Company ZE RO 140% T H E RMA L R U N A W AY 0 1 02 0 3 04 S m a l l e r Bat t e r y & Low e r He a t G e n e r a t ion Tr a n s i e n t Hig h - P ow er S up p ort 15C UP TO H IG H R A T E DI S C H A R GE LOW T H E RMAL G E N E R A T ION E x - P R C S up p l y Cha in TAI W AN FRANCE H Q / GIG A F AC T O RY R & D C E N T ER GIGA F A C T ORY R & D C E N T ER <60 ° C HIGH P OW ER DI S C H A R GE 900+ ( D o wns t re a m E nd Us e r) R U N T I M E BOO S T A T 1 2 C W H /L A T C E LL L EVEL
22 C a se Stu d y: Solvin g Bottle n ecks in nex t - generatio n Rob o tics Strategic Pa r tner Op p ortunity S p a ce & W e ight Cha l l e nge Du e t o co n str a in e d for m fa c tor s , ba t t e ri e s mu s t d e li v er hi g h e ne r gy de n s i t y whil e mai n ta i n i ng lo w wei g h t. High C o n t i n uo u s & Pul s e D i s c h a rge Mul t i - joi n t o pe r ati o n r e qu i r e s 5C co n ti n u o u s dis c ha r g e; su d de n mo v em e n ts de m a nd 10 C p u ls e dis c ha r g e for tor q ue an d b al a n c e. T u rn o v e r R a t e & Lo n g Dur a tion Hig h d eg r ee s of fre e do m (D o F) le a d t o hi g h p o wer co n su m p t io n , re q uiri n g fa s t - ch a rg i n g ca p ab i lity to su p po r t lo n g e r o n - sit e o pe r ati o n. P o t e n t i a l S a f e t y H a z a rds B a tt e rie s for hu m an o id ro b o ts (me d i c a l/ h o u s e h o ld us e ), d ee p te c h, an d milit a ries re q uir e de f e n s e - gr a d e sa f et y st a n d ar d s. Bottlenecks Sol u tions 01 02 03 04 W o r ld ’ s La r gest S emicond u cto r Fo u nd ry C e r tificatio ns U L 2271 U L 2280 S H O CK & EXPL O S I O N P R OOF H I G H T H E R M AL CA P A B I LI TY 13% H I G H E R T H AN TESL A ’ S 2 . 3 K WH G r eat C a p a c i t y & P e r fo r mance Wi d e O pe r ating Wi n dow 5C/10C D I S C HAR GE CA P A B I LI TY - 30 to 6 0 ° C TEMP RAN GE 380+ W H / KG A T C ELL LEV EL Cell M a k er Dow n str e am E nd Us er P a ck Mak er H i g h Tu r nove r & Lo n ge r U ptime +55% 6.4 A G A I N ST G E N E R A L U PT I ME M I N S F OR 5 - 80 % SOC F A S T CHAR GI N G G e opo l i tic a l He d g ing E n s u r i ng E U/U S re g u la to ry c o m p l i an c e t o re d u c e s upp l y - c ha in r i sk M ids t re am OEM Founded in 1971, Delta Electronic s is a global leader in power and thermal mana g eme n t. It focuses on hig h - eff i ci e n c y en e rgy sol u tio n s an d collabora t es wit h NV I DI A an d to p 5 gl o ba l ro b oti c s in d us t ry pa r tn e rs to sc a le up AI ap p lica t i o n s . Wit h its sm a rt po w er sys t em s , Del t a El e ctr o ni c s pl a ys a ke y rol e in th e gl o ba l hum a no i d ro b oti c s su p ply ch a i n . Its gl o ba l f o o t p r i n t i n cl u d e s o p e r a t i o n s i n J a p a n , S i n g a p o r e , t h e U . S . , a n d E u r o p e.
23 C a se Stu d y: Aerosp a ce app l icatio n s with lighter, d u ra b le, a n d highe r - performi m g b a tter i es Aerial v e hic l es / drones AIRC R AFT SATELLITE • Lo n g Ch a rgi n g Do w nti m e: Disrupts logistic s and operation a l efficien cy • Po o r En v iro n m e nta l Ad a pta b ilit y : P e rfor m an c e de g ra d es un d er ex t rem e temperat u r e s (< 0 ° C or > 4 5 ° C) • Un a bl e to F ind Ab s olu t e S af e ty: NO thermal runaway by ARC Testing proof • Low Energy Density : Long - ra n ge or h ea v y - p a y l oa d mis s io n s re q uir e lar g e ba t ter y pa c ks, limiti n g us a bl e ca b in sp a ce • Thermal Safety Control: Hig h - en e rgy avi a tio n ba t teri e s ar e pr o ne to thermal runaway • Thermal & Vibration Vacuum: No ba t ter y ha s be e n ab l e to reli a bly op e rat e in va c uu m en v iro n m en t s whil e wit h st a nd i n g ex t rem e temperat u r e fluctuatio n s and maintain i n g stable pe r for m an c e un d er pr o lo n ge d vibr a tio n an d me c ha n i c a l str e ss t h e w or l d 's l a r g e s t AME R I C AN o n l ine r e t ai l er an Ame r i c an ae r ospac e ma n u f a ct u r e r an d space G I ANT S ol u t io ns V e r ified by U L S olu t ions ZERO THERMAL RU N AWAY E nd o r s e d b y P r o f e s si o n al T h i r d P a r ty <6 . 5x 1 0 - 3 Pa Hi g h T h e r m al V a c u u m a t - 20 - 45 C <1 X 1 0 - 7 Pa G r e at V i b r a t i o n V a c u u m a t - 25 - 65 C So l utions - 30 to 6 0 C Wi d e O pe r ati n g W i nd ow ~80% soc < 6 .4 Mins Fa s t C ha r gin g 380+ W H /K G AT CEL L LEVEL G r e at S p e c i f ic E n e r gy A E u r o p e an ae r ospac e p ione e r r e d e f ining r e g i onal t r a v el
24 C a se Stu d y: Energy solutio n s for def e nse app l icatio ns B o mb Re m ov a l Ro b ot Handheld Radio P o w e r V e st Sub m a r ine A Frenc h - regi s t ere d h is tori c a l s upp l i e r to the French M i n is try of D efen s e, the M i n is try of the Inter i or, and N A TO Defe n se te ch E x p l orin g a s upp l y c ontra c t w i t h a U . S . defen s e te c hno l og y company, del i vering cutt i n g - edge c apab i l i t i e s to m i l i tary c ontra c tors H i gh Co n tin u ou s & Pu l se D i sch a rge Bu l l e t R e sista n t & Exp l o si o n P r oof G eopo l i tica l ly Se n sitiv e Ori g i n s Exc l uded Sol u tio ns H i gh En e rgy D e n sity N e ede d Ex t rem e Safety R e qu ir e d W i d e T e mp e ratur e Ad a p ta b i l ity G r eat S pecific E ne r gy 380+ W H / K G A T C E L L L EVEL P r essu r e R esistance 750 BAR U l t imate S afety ZERO T H E R M A L RUNA W AY C o nti n uo u s & H igh - R a t e D ischar ge 5C / 10C D IS C HAR GE CA P A B I L I TY Wi d e O pe r atin g Wi n dow - 30 to 6 0 ° C ProLogium ha s be e n f ocused o n Def e n s e & security si n c e 2017. Pos t - S ho o tin g Test VO L T A GE 4.2V R E M A I N S AT N o n - P R C S u pply C hain Tai w an/Franc e GIGA F AC T O RY R&D C E N T ER
25 III. Technol o gy & Capabilities
26 The path toward Nex t - Generatio n b a tter i es C e ll C he m ical Sy s t em C e ll E n g i n e e rin g Sy s t e m: Scalab l e Man u fact u r abi l i ty P roc e s s : S i m p le de sign F a c i l i ty Re q u i r e me n t : L o w d r y - r oo m r equ i r e m ent S i l ico n A node L i Me t a l / A nod e - Le ss F a st Ch a r g in g : ≤ 5 – 8 . 5 m ins ( 5 - 80 % ) @ 400V Hig h P o w e r: ≥10 C – 15 C Lo w te mp : ≥ 90 % R T Re ten ti on @ - 20 ° C R e asonab l e C o st Hi g h e n e r gy densi ty Hi g h El e ct r ical Pe r formanc e Hi g h Sa f ety N o the r m a l r una way in A R C t e st fr o m ro o m t e mp e r a t u r e to 30 0 – 500 ° C R a r e - m e t a l - fr e e B OM + Gi ga sc a le M anu f a ct u r i ng + S i m p l i fi e d P a ck Desi gn C r e a t e a R el i able C e l l M an u fac t u ri ng Pl at fo rm ( N ew U n i ver s e) for t he n e w C e ll Chem i cal S y s t em Cell M an u fac t u ri ng Pl at fo rm ( N ew U n i vers e ) t ha t Su p p ort s t he Com m erc i aliza t i o n of t he New cell chem i cal s y s t em No T ra d e - off b e t w e e n E l e c t r i cal P e r f orman c e w i t h H i gh E n e rgy d e n s i t y I n d u st ry Chal l e nge: Maintain i ng S af e t y r e qui re d a p e r f orman c e v s D e n s i t y T ra de - off
27 The Chemistry De s ign Path for Next Generatio n B a tter i es No n fl a m m a bl e Elec t ro l y te C e ram i c se p ara t or A c t i v e Sa f ety Me c hanism Us e of r e a c t i v e ma t e r ia ls – S u p p o r t e d b y S a f ety Adop t in g th i c k e r f i lm (no po l a r ization ) – S u p p o r t e d b y P e r f o r man ce I n a t h e r ma l e v e n t , t h e c a t h o d e r ele a s e s o x y g e n , whic h c a n r eac t v iole n t ly wi t h l i t h ium metal f o r med at t h e a n o d e a n d w i t h fl ammable ele c t r olyte s o l v e nts, l e a ding t o r a p i d fir e o r e x plosion. P e r f e c t b u t d a n g e r o u s ma t e r i als li k e NM C 9 5 5 c a t h o d e , 1 0 0 % s i l ic o n o r even L i - metal anode c a n b e a p pl i e d o n l y wh e n s a f ety i s e n s u r e d . E x c e ll e n t ele c t r i c a l p e r f o r man c e e n a b l e s t hic k fil m p r o c e s s f o r e v e n hig h e r e n e r g y d e n s it y c o mpa r e d t o c o n v e n ti o n al li m i t of 2 8 0Wh/kg. 1.1 1.2 1.3 3.1 3.2 Transfe r e n c e Number Ionic C o ndu c t i vity In t e r fac e C ontact I o n i c mi g r at i o n of t h e ele c t r olyte f u n d a mental l y de t e r m i nes ho w e f f icie n t ly & u n if o r m l y Li + m i g r ate i n a r e c h a r g e a b l e b a tt e r y – c y cle lif e, l ow t emp e r atu r e p e r f o r man c e, f a s t c h a r gin g & t h e r ma l sta b ilit y. 2.1 2.2 2.3 10 0 % Si l ic o n An o de L i - m e tal An o d e ( 1) 360 - 40 0 Wh / kg 430 - 47 0 Wh / kg Sa f e t y Elec t rica l Per f ormance Energy D e nsity I n d u st ry chal l e nges G e n 4 1 s t Pr i nci p al Focus ( 1 ) P o s t - G en 4 t e c hno l o g y on C o m pa n y de v e l o p m en t r oad m a p.
28 SAFET Y : a n Inherently S a f e Product For Customers ( 1 ) A c t i v e S a f e t y M e c ha n i s m b y P r oLo g i um. S a fe t y TRIPLE Mechan i sm S u pe r fluidize d All I no r gan i c S S E a u t om a ti c a l ly d e c ompos e s in ASM c omponents wh e n e x po s ed t o h ig h t e m pe ra t u res , s tabi l iz i ng t h e ca t h ode a nd t h e a no d e , p rev e n ti ng t h e r m a l ru n a way Al l C e r a m i c Sep ar ator As m ( 1 ) EMBEDDED SUP E RFLUID I Z E D AL L INORGANIC sse Non - F l am m ab l e E le c trolyte 100 % ce r a mi c s e par a t or w i t h st a nd s mu c h high e r temp e r a t u r e s t h an PP / P E s epa ra t o rs, p rev e n ti ng in te rn a l s ho rt ci r c u its and p ro p aga ti on F u l ly i n o rgani c , n o n - f l a mmabl e s ol i d e l e c trol y t e , re p laci ng t h e fl a mm ab le l i qu id e lec t rolyt e s p res e n t in c on v en ti ona l l i t h iu m - io n ba t te r i e s PE / PP P r oLog i u m sepa r a t or 1 2 3 5 65 125 185 245 305 0 .0 1 .0 2 .0 3 .0 4 .0 5 .0 0 60 0 120 0 180 0 240 0 300 0 360 0 420 0 480 0 5400 V o l t ag e T e m pe r a t u re
29 SAFET Y : embedd e d AS M M a ter i a l a c tivates at 12 5 ⁰C a n d s tabili z es the thermal source N o t e : A cc e l e r a t i n g R a t e C a l o r im e t e r ( ARC ) c ha rt r ep r o du c e d ba s ed on pub l i s he d a c a d e m i c l i t e r a t u r e. ( 1 ) K e y C ha r a c t e r i s t i c s f o r The r m a l R una w a y o f L i - i o n B a tt e r i e s , E ne r g y P r o c ed i a 158 ( 2019 ): 468 4 - 4 689. ( 2 ) I n s i t u - po l y m e r i z ed l i t h i um s a l t a s a po l y m e r e l e c tr o l y t e f o r h i g h - s a f e t y l i t h i um m e t a l ba tt e r i e s. ( 3 ) S t ag e - D o m i n a t e d T h e r m a l R una w a y i n S u l f i d e ASSB s : D e c oup l e d E l e c tr o c he m i c a l I gn i t i o n and C he m i c a l C a sc ad e s , h tt p s :// do i . o r g / 10 . 21 2 0 3 /r s . 3 .r s - 6 4 2854 0 / v 1 . ( 4 ) A c t i v e S a f e t y M e c ha n i s m b y P r oLo g i um. T e m pe ra t u re ( ° C) T i m e ( M in u t e) Acce l e rati n g Rate C a l o rim e ter (AR C ) T e st S ol i d Liqui d ( 2) Co n ve n t ion a l Co n ve n t ion a l Liqui d ( 1) N e x t G e n e r a t ion 1 .0 S ol i d S ulfid e , LP SC ( 3) T he rma l r una w ay N e x t G e n e r a t ion 2 .0 G e n 4 Pro L o g ium Ge n 4 is t h e f i r s t a n d o n ly c e l l t o c o m p lete A R C te s t i ng with o u t th e rmal r una w a y in t he 4 0 - y ea r h ist o ry of l i thiu m b a t t e r i e s. N o t he rma l ru n a w ay V ( Fu l l C e l l ) = V C A M - V AAM ≈ 3 V C A M = C AM S i - L i A l l o y = S i - L i A l l o y V ( Fu l l C e l l ) = VCA M ’ - VAA M ’ ≈ 1 V CA M = CA M ’ ( D i f f e r en t C r ys t a l l i n e) S i - L i A l l o y → S i - L i - X C o m pou nd V o l t age ( V) 5 65 125 185 245 305 0 .0 1 .0 2 .0 3 .0 4 .0 5 .0 0 18 0 0 36 0 0 54 00 3V 1V T im e ( M i n) T e m pe r a t u r e ( ° C) S e l f D i s char ge A S M ( 4) A c t i v a t i ng S t able P h a se 0 100 200 300 400 500 600 700 800 0 1,8 0 0 3,6 0 0 5,4 0 0 7,2 0 0 9,0 0 0 10, 8 00 3 r d part y te s ted
30 Perform a n c e : ProL o gium ’ s Electrolyte Red e fines Perform a n c e Limits 1 2 3 0 . 2 - 0 .4 L iq u id 1 S o l id 0 . 7 - 0 .9 L iq u id S o l id 57 2 1 2 2 1 2 12 - 20 o C 25 o C F a s t Ch a rg i ng F a s t Ch a rg i n g C y c le C - ra t e C a p a b i l i ty - 20 ° C P e rf o rm a nce mins Ionic C o ndu c t i vit y ( 1 ) , mS / cm In t e r facial C o ntact Transfe r e n c e Number Ne a r 1 00 % L i+ tra n sp o r t e f fic i en cy w i t h m i n i m a l co n ce n trati on po lar i z a ti on 57 m S /cm a t 2 5 o C, 5 x h ig h e r t h an t h e be st o f s o l i d & liq u id e lec t rolyt es P ress u r e - fr e e ope ra t io n enab le d b y non - Newt o n ia n fl o w beha vior T he Best o f C o n ve n tio n a l So l i d & Liqui d R e vo l u tio n a ry C e l l P e r f o rma n ce W ith o u t Ex t e rn a l Press u re Heterogene o u s Homogeneo us S o l id Gen 4 Elec t ro l y t e - Su p erf l uidi z e d Solid sta t e Un p ara l le l e d Cel l - le v e l Perfor m ance ( 1 ) S o c i e t e G ene r a l e de S u r v e i l l a n c e SA.
31 1 . 0 E - 06 5 . 0 E - 06 2 . 5 E - 05 1 . 3 E - 04 6 . 3 E - 04 3 . 1 E - 03 1 . 6 E - 02 7 . 8 E - 02 3 . 9 E - 01 2 . 0 E + 00 9 . 8 E + 00 4 . 9 E + 01 (2 5 ) (2 0 ) (1 5 ) (1 0 ) (5) 0 5 1 0 1 5 2 0 2 5 30 57 25 ° C 1 2. 5 - 20 ° C 10 25 ° C L G P S / L iq u id Or g an ic S u p e r - F l uid i z e d A l l I n o r g a ni c SSE ( 57 m S/c m ) LGPS ( 10 m S/c m ) 1 M L i P F ₆ i n E C : D M C ( 10 m S/c m ) L P S C I ( 2 m S / c m ) L L Z O ( 0 . 4 m S/ c m) C o m p o s i t e E L T ( 0 . 3 m S/c m ) L A T P ( 0 . 1 m S/c m ) G e l E L T ( 0 . 1 m S / c m ) PEO + Li F SI ( 0 . 0 0 1 m S/c m ) Ioni c Cond u c ti v it y (mS/ c m) S G S C e r tified C on d uctivity Test Io n ic C o ndu c t iv i t y v s T e mp e rature T e m p e r a tur e ( ° C) Perform a n c e : Highe s t Prove n Ioni c Co n ductiv i ty
32 Energy Densit y : Techn o logy unl o c k s Safety Limit a tions o n Higher Energy Densit y 1 0 0% Si l ico n A n o de ( 4 t h G en) L i - met a l A n o de (Tech n ology R oadmap) Ce l l E n e rg y D e n s ity 430 – 470 W h /kg 360 – 4 0 0 Wh/kg 75 0 Wh /L Conventional Ceiling 1,0 0 0 – 1, 1 00 W h /L 860 – 9 4 0 W h /L 28 0 Wh/kg C o n v e n ti o n a l liq u id & s o li d - st a t e b a tt e ri e s in c re a s e t h er m al ru n aw a y ri s k or r e du c e el e ctri c pe r for m an c e a s e ne r gy de n sity rise s , cre a tin g a l iq u i d - ch e mis t ry de n sity ceili ng Pr o L o gi u m s o lv e s t h is f u n d a m e n t a l c o n t ra d ict i o n a t t h e ma t eri a l le v el S a fet y an d el e ctri c pe r for m an c e a re no lo n ge r tr a d e - o f fs ag a ins t en e rgy de n sit y , all o win g 4 t h ge n er a tio n te c hn o lo g y to ex c ee d tr a diti o na l ceili n gs wit h a r o ad m ap to a dd i tio n al f u t u re p e rf o rm a n ce M a rket chall e nges Solu t ion In n ovative T echnol o gy Enables Hi g h E n erg y D e n s i ty
33 M a nuf a cturi n g : First SSB D e veloper to Achieve Sa m ple through Ne a r Gig a - Level S am ple M ak i ng P i l o t G i g a - l evel Pro L o g ium C o m p eti t iv e H e a d Star t i n M a n u fa c tur i ng An n o u nced U nc l e a r S c ale - U p C o n t i n u i ty C o m p a ny R e a li z ed P o s t p o n e d / D elayed > 0 .1 < 0 . 0 5 > 0 . 05 P r oLogi u m is the g l oba l l ead e r in So l id State Manu f acturi ng - A u tom a ted pro d u c t i o n for larg e E V c e l l s ~1 3 y e a rs a h e a d of c o m p e t i tors - T ai w a n pro d u c t i o n fa c i l i t y deli v ere d on - t i m e a n d o n - budget - C o ntin u o u s pro d u c t i o n sc al e u p pl a n n ed in T ai w a n a n d Fr a n ce 201 3 201 7 … 202 2 202 4 202 5 202 7 202 8 202 9 2030 L imi t ed sc a le M a ss p r odu c t ion 0 . 0 1 0 . 0 5 0 . 5 5 0 . 8 1 . 6 5 . 05 2026 0 . 2 5 0 . 7 5 6 0 . 0 1 (1) > 0 . 2 G Wh - A nnoun c ed in 2 023 O ct - S o ld i n 2025 O c t du r in g p r e - I P O s t age 0 . 0 2 (1) M a ss p r odu c t ion S ou r c e : P ub l i c i n v e s t o r p r e s en t a t i o n s , I n t e r na t i o na l B a tt e r y S u mm i t 202 6 , P r oL o g i u m i n t e r na l c a l c u l a t i o n s. ( 1 ) T r an s i t i o ne d t o l i c en s i n g m ode l , r edu c i n g n eed f o r i n - hou s e m anu f a c t u r i n g. M a ss p r odu c t io n ( B eg in s a le s o f ASSB c a r s)
34 25 0 66 0 66 0 1 ,3 20 30 0 1 ,2 6 0 1 ,2 6 0 1 ,2 60 1 0 3 0 5 5 55 65 ,0 0 0 21 ,0 0 0 8 ,2 8 6 6 ,8 54 M a nuf a cturi n g : Path to C a pex / MWH competitivenes s with ben c hm a rks S ou r c e : C o m pa n y e s t im a t e s . N o t e : A n t i c i p a t ed c o s t s a r e m ana g e m e n t e s t im a t e s on l y and a r e s ub j e c t t o c hang e d ue t o pe r m i t t i n g , a v a i l ab l e f i n an c i n g i n c l u d i n g t he B u s i n e ss C o m b i n a t i o n , s upp l i e r s , and o t he r f a c t o r s ou t s i d e o f t he C o m pan y ’ s c on tr o l. M a n u fact u r in g Eff i cie n c y I m p r o v em e nt R o a d m ap Pro L o g ium ’ s C u rr e n t C ap E x is Com p eti t ive wi t h E U an d U.S. In d u s t r y B e n c h marks ( T o tal C a p Ex $ M /GWh) 0 20 40 60 80 100 120 140 160 180 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 4 5 5 0 5 5 6 0 6 5 7 0 7 5 8 0 8 5 90 P roLog i um E s t i mat e d C apEx P roje c t i on Indu s try C apEx R eferen ce As ca p a city sca l e s , c on tin u ed o p timiz a tio n i s ex p e cte d t o furth e r r edu c e C ap Ex P roLog i um E s t i mat e d C apEx B udget Industry C ap E x R efe r ence G 1 G 2 G 3 G4 103x 5x 2x Ma n ufa c tu r ing te c h n ol o g y g e n e rat i on F o otprint pro d u c t i vity impro v e m e nt Pa r a m e te rs
35 Cost & Scal a bilit y : A more Sca l a b le Operatio n a l Fl o w red u ces Ope x Unit COsts Si m p l i f ied Manufa c turing F l ow F e wer S t e p s. H i ghe r E f ficie n c y . Gr e a t e r S c a la b i l ity Co n ve n t ion al Fo r m a ti on 1 P r e - S e a li ng Z - f o l din g P o l y m e r S e p a r a t o r In st a ll at i on D egas s i n g & R esea li ng E l ec t r o l y t e I n j ec ti on Fo r m a ti o n Fo r m a ti on 2 E l ec t r od e a tt ac h i ng / E l ec t r o l y t e I n s t a ll a t i on S l u rry M i x i ng C a l e nd a r i ng B l ank i ng I n l ay S t ack i ng Tab W e l d i ng P ack a g i ng S ea li ng V acuu m D ehyd r a t i on Tab W e l d i ng P ack a g i ng V acuu m I m p r egna ti on B l ank i ng P ouch T r i m m i ng P r i n ti ng / H o t F l ow D ehyd r a t i on C o a tin g ( E l ec t r od e + A dh e s i v e ) vs 7 s teps 1 s t ep D r y r o o m c o v e ra g e re d u c ed De h y d ra t io n e f f ic i en cy i m p rov ed vs 8 hou rs 8 m i ns E li m i n a t e d P r o c ess • E l e c t r o l y t e i n j e c t i on • E l e c t r o l y t e V a c uu m I m p r e gn a t i on • D ega ss i ng • R e s e a li ng • > 2 t im e s o f f o r m a t i on E l e c tro d e P r e p a r a tion E l e c tro d e A sse mbly Ce l l As s e mbly M i x i ng S litti ng C oa ti ng C a l end a r i ng N o t ch i ng 11 st e ps 17 st e ps Sl u rry C o a t i n g C a l en d ar i n g Pri n t i n g & D ehy d ra t i o n El e c t r o d e a t t a c h i n g B l a n k i n g S t a c k i n g T ab W e l d i n g P a c k agi n g S e a l i ng G i g a - lev e l auto m ated L i n e v a l i dated Fe w er man u fa c turi n g s tep 30 - 40% R edu c ed dry room c o v erage 60 - 70% 800,000 C e l l s s h i pped from G i g a Factory R e d u c e d inv e stm e nt Lo w er C apEx & O p Ex P a te n t Prote c ted Log i th i u m T M arch i te c ture & pro c e s s kno w - ho w s i nce 2010 A l r ead y ope r a tin g and ship p in g p r odu cts P r oc e ss ste p s r e q ui r ing d r y r o o m P r oc e ss ste p s int e g r at e d/ e limin a te d by P r o L o g iu m F o o ta g e ca p tu r e d o n P r o L o g iu m T a o ke p r o d uctio n line in Nov 2 0 2 3
36 Cost & Sc a l a bilit y : Electrolyte M a ter i a l co m position Further re d uces unit costs wh e n combi n e d wit h A ss e mbly Proce ss S ou r c e : C o m pa n y e s t im a t e s . N o t e : A n t i c i p a t ed c o s t s a r e m ana g e m e n t e s t im a t e s on l y and a r e s ub j e c t t o c hang e d ue t o pe r m i t t i n g , a v a i l ab l e f i n an c i n g i n c l u d i n g t he B u s i n e ss C o m b i n a t i o n , s upp l i e r s , and o t he r f a c t o r s ou t s i d e o f t he C o m pan y ’ s c on tr o l. C o n v en t i ona l N M C C e ll C e l l Material 50 - 60% E l ec trolyte Cost, USD/kg C on ve n tio n a l S o l i d Oxid e , LL ZO S o l i d S u lf i de , L GPS L iq u id (EU) ? ≧ 300 ≧ 200 S upe rflui d ize d A l l - I n o rg a n ic SSE L i F Si L iP F6 58 La Lan t hanum 32 Ge Ge r m an i um ? L i 2 S R a re / U n s t a ble M a t er i al ( N o t use d by P roL o giu m) 15 - 20% P a ck Ma n ufa c tur i ng - ( 4 - 7 %) ~1 5 % r e du c t i on b y i m p r o ve d e ne r g y den s i ty and e l i m in a ti on o f p ress u re m odu les U p to 20 % r e du c t i on b y si m p l i fic a ti on o f t h e c oo l i ng syst em - ( 1 - 3 %) C e l l Man u factur i ng 30 - 35% - ( 5 - 10 %) Ho u sing T h e r m a l M anage m ent HV S yst em B M S O ther B OM P ro d u cti on Cos ts P a ck COGS S tructura l Co s t Adv a n t a g e s: • Rar e - m e t a l - fr e e m a t e r i al • A b i l ity t o u s e low e r - c o st , in d u str i al - g ra d e m a t e r i a ls ( i n st e ad o f ba t te r y - g ra d e ) enab le d b y pu r if i ca t io n e f f e cts du r in g su p e r fluidiza t ion
37 IV. Transaction Details
38 P roLogium v a lu e d a t $3 , 8 00 M P r e - M one y E n t e rpr i se V a lu e ($ 3 , 9 00 M E qui t y V a lu e a dju s ted f o r $100 M i n n e t cas h on P roLogium b a l a n c e s h e e t) T a rg e tin g ~ $ 300 M of in c r e m e n t a l gro s s pro c ee d s d e l ive r e d t o P roLogium ’ s b a l a n c e s h e e t t h rough a c ombin a tio n o f S P A C cas h in trust a nd P I P E pro c ee d s A t c los e , ProL o gium i s s eek ing t o ha v e ~ $370 M o f net c as h o n t h e ba l a nc e s he et Com p r i s ed o f t h e ~ $ 300 M g ross p roc e ed s, less $30 M o f tr a n s a cti on e x pen s e s, p lus $100 M o f e xistin g ne t c a s h P ro Form a E n t e rpr i se V a lu e o f ~ $ 3 , 8 77M T a rg e tin g c lo s ing in 2 H2 0 2 6 ( 1) Tra n sactio n Summ a ry S ou r ces P roLog i um V a l uat i on $3,800.0 E x i s t i ng N et C a s h 100.0 SPA C C a s h i n Trus t & P I P E P roce e ds 300.0 To t al S ou r ces $4,200.0 92% 7 % 1% P r o L o g i um S P A C & P I P E S h ar e h old ers S P A C S p o ns or U ses P roLog i um P urch as e P ri c e $3,900.0 C a s h to the B a l an c e S heet 270.0 E s t i mat e d Transa c t i on E x pen s es 30.0 T o tal U ses $4,200.0 Pr o Fo r ma V aluation I l l us trati v e S hare P ri c e at C l os i n g $10.00 P ro Forma S hare s O ut s tand i ng (M) 424.7 Pr o Fo r ma E qui t y V alue ($M) $4,246.6 E x i s t i ng N et C a s h P o s i t i o n ($M) (100.0) N et C a s h from Transa c t i on ($M) (270.0) Pr o Fo r ma E nte r p r ise V alue ($M) $3,876.6 K e y T r a n sac t ion T e r m s I l l u s tr a t i ve Pro Fo r m a V a l u a t ion ($M) Pro Fo r m a O wn e r s h i p a t Cl o s e ( 2 ) S ou r c es a nd U s es ( $ M) S ha r eholder S ha r es V alue ($M) P roLog i um 390.0 $3,900.0 SPA C & P I P E In v e s tors 30.0 $300.0 SPA C S pon s or 4.7 $46.6 To t al 424.7 $4,246.6 ( 1 ) S ub j e c t t o app r o v a l b y t he s ha r eh o l d e r s o f bo t h P r oL o g i u m and T DAC , r egu l a t o r y app r o v a l s , and o t he r c u s t o m a r y c l o s i n g c o n d i t i o n s . ( 2 ) P r oLo g i um s ha r e c oun t ba s ed on $3 , 800 M p r e - m o ne y en t e r p r i s e v a l u e p l u s $100 m m i n e x i s t i n g ne t c a s h . E xc l u de s im pa c t o f 8 . 63 m i l l i on pub l i c w a rr an t s and 7 . 08 m i l l i on p r i v a t e p l a c e m en t w a rr a n t s . A ss u m e s P I PE f i n an c i n g i s s u cc e ss f u l l y c l o s ed .
39 Tra n sactio n Provide s the Opportu n ity to Sca l e Cap i ta l Re a d y for Ne x t - Ph a s e S c a l ing (US $ m i l l i on ) In d u s tria l - S c a l e Cap a c i ty E s ta b li s h ed I t em Am o u nt ~773 F u n d in g St r u c ture: ~100 ~270 ~705 T ot a l F u n d in g S e c u r e d (B) ~ 1 ,075 Li q ui d i t y A v a i l a b le for F ut u r e Growth (= B - A ) ~300 Pha s e 1: ~$773 M t o un l ock 4 G W h o f capa c i ty T ransac t io n Provi d es Su f f icien t l iqu i d i t y t o Achieve t hi s in it ia l g oa l an d m ore N o t e : A ss u m e s $300 M r a i s ed t h r ough a c o m b i n a t i o n o f T r u s t p r o c e ed s and P I PE i n v e s t m en t, ne t o f $30 M i n tr an s a c t i o n e x pen s e s. ( 1 ) C a l c u l a t ed ba s ed on e s t im a t ed c u m u l a t i v e €608 M r e c e i v ed t h r ough 2029 ad j u s t ed t o USD ba s ed on a 1 . 161 5 USD / E U R F X r a t e a s o f M a y 22 , 2026 .
40 Curr e n t M a r k e ts S e r v ed Ae r o s p a c e & De f e n s e , D a t a C e n t e r E S S, E V s , Ro b o t i c s EVs A e r o s p a c e & D efe n s e , EV s , Ro b ot i cs M a nu f ac t u r i ng Cap a c ity 0.5 G W h/y r i n T a o y u a n , T aiwan + 4 G W h/y r i n D un k i r k, F r a n c e ( 1) Pi l ot li n e s i n Sa n J o s e , CA Pi l ot li n e s i n M a s s a c h u s et t s, US A a n d Ch e o n a n , S o uth K o r ea YE 2025 P a ten t s ( 2 ) 1,0 0 0+ 400 + 150+ In i ti a l Comm e r c i a l i z e d P roduct 201 3 P r e - Comme r cial P r e - Comme r cial Number o f Units S hipp e d 2.4M+ U n d is c lo s ed # of s a mp l es T h ousands t o g lo bal OEMs f o r t e s ti ng The r m a l Ru n a w a y E l i m i n a ted P ro Form a E qui t y V a lu e ( $ B) P ro Form a E n t e rpr i se V a lu e ($B) $4 .2 $ 5 .4 $ 1 .2 $3 .9 $ 4 . 5 $ 1 .1 Ben c hm a rki n g Co n si d erations S ou r c e : C o m pa n y w eb s i t e s , f i l i n g s , p r e s e n t a t i o n s , and ea r n i n g s r e l e a s e s. ( 1 ) U nde r c on s tr u c t i o n . 2030 E P r odu c t i o n C apa c i ty : 4 . 0 G W h . M a x D e s i g n C apa c i ty : 44 . 0 G W h. ( 2 ) I n c l u de s g r an t e d a n d pend i n g p a t e n t s a s o f YE 20 2 5 . ( 3 ) P r oLo g i um v a l u ed a t $3 , 800 M P r e - M on e y E n t e r p r i s e V a l u e ( $3 , 90 0 M E qu i ty V a l u e ad j u s t ed f o r $100 M i n ne t c a s h on P r oLo g i um ba l an c e s h e e t). P r o f o r m a equ i ty v a l u e a ss u m e s ~ $ 300 M o f i n c r e m en t a l g r o ss p r o c e e d s de l i v e r ed t o P r oLo g i um a s pa rt o f t he tr an s a c t i on , l e ss ~ $ 30 M f o r tr an s a c t i o n e x pen s e s , and ad j u s t ed f o r $46 . 6 M SPAC s pon s o r e q u i ty s ha r e s. ( 4 ) S&P C ap i t a l I Q a s o f M a y 26 , 2026. ( 5 ) P e r i n v e s t o r p r e s en t a t i o n da t e d M a r c h 24 , 202 6. ( 3 ) ( 4) ( 3 ) ( 4) ( 5) ( 5) ✓
41 V. Appendix
42 Technic a l Perform a n c e Ben c hm a rki ng S ou r c e : I n v e s t o r p r e s en t a t i o n s and pub l i c anno un c e m e n t s . ( 1 ) 28 ba r c on v e rt ed t o 27 . 6 a t m. ( 2 ) C a l c u l a t ed ba s ed on t he r epo rt ed ope r a t i n g p r e ss u r e o f s u l f i d e - ba s e d e l e c tr o l y t e de sc r i b e d i n “ A c r i t i c a l ou t l o o k f o r l a r ge sc a l e s o l i d - s t a t e ba tt e r i e s ” (r epo rt e d a s ~ 8 0 M P a ; c on v e rt ed t o ~ 7 90 a t m ). ( 3 ) E xc l u d i n g t abb i n g a r ea. C on ve n tio n a l N e xt G e ne r a tio n S o l i d - S ta t e 1 .0 N e xt G e ne r a tio n S o l i d - S ta t e 2 .0 Com p e tit o r & M ode l G e n 4 E ne rgy De n sity Gr a vi m e tric ( W h /k g) V o lume t r i c ( W h / L) P e rf o r m an ce Cyc l e L ife Lo w T e m pe ra t u re Re ten ti on F a st Ch a rgi ng M a x. Ch a rgi n g Ra te Cell Le v e l S a f e ty 380 900 6 . 4 m in , 5 - 80% 1 , 2 0 0 th 1 , 0 0 0 th M a x. D i sc ha rgi n g Ra te 5C 12C O p e ra t in g P ress u re (a t m ) 0 > 9 0% S u sc ep ti b le t o T h e r m a l Ru n a way No Ther m a l Ru n a w ay 287 637 30 - 40 m in , 8 - 80% E 72B FE S T (NM C , L i - Me t al) 391 835 > 6 0 0 th 18 m i n , 1 5 - 90% 4C 2 8 ( 1) 82 . 7% ~ 790 ( 2) QSE - 5 12 . 2 m in , 1 0 - 80% 301 844 ( 3) 800 th 76% 10C > 3 .4 S u lfid e A S SB
43 T e chnical Talent at t h e Co r e of P roLogi um D r . D m itry B ELOV D r . J a m e s CH O U Cal v in HSIEH Ra c h a e l HU A N G Chi e f S cie n tist & H ead o f E u ro p ean R&D Chi e f E ng in e er He a d o f Gl oba l Q u a l i ty A ss u ra n ce H ead o f M anu f a ct u r ing Si m on WU He a d o f P ro d u ct & B u sin e ss Dev e lo p m ent V incent Y A NG F o u n d e r , CE O & C TO R& D M a n u fa c tur i ng • C on tr i bu t e d t o mass p r odu ctio n o f soli d - st a t e ba t te r i e s du r i ng h is t e nu re o f 15 y ea rs w i t h P ro L og ium • P h .D. , S e m eno v In stit u t e o f Ch e m ical P h ysics • 20 + ye a r s o f e xp e r ie n ce in t h e m anu f a ct u r i ng in d u stry • P revi o u sly D i rec t o r , I n du str i a l SB U, TP K ; COO , E l l ipsiz Com m un ica t io n s; and D i rec t o r , F a b Ope ra t io n , W istron • 25 + ye a r s o f e xp e r ie n ce in qua l i ty i m p rov e m en t a nd eng in e e r i ng , incl ud in g 10 y ea rs w i t h P ro L og ium • M . S . , S t a tistics, Na t io n a l Ch e ng K ung Univ e rs i ty • 20 + y ea rs o f e x pe r i en c e in c he m ical eng in e e r i ng R&D • Led p ro d u ct eng in e e r i ng in to N e w P ro d u ct I n tr o du cti on pha s e a t F o xc onn • 10 + ye a r s in n e x t - gen ba t te r y p r odu ct de v e lo p m ent • 30 + y ea rs o f e x pe r i en c e in M anu f a ct u r i ng & Ope ra t io n s • F o r m e r V P , M anu f a ct u r i ng & Ope ra t io n s, P ro L og ium a nd Q u a lcom m MEMS • P h .D., Ch e m i c a l E n g in e e r in g , P enn sylva n ia S t a t e U n ivers i ty • O ver 28 ye a rs i n t he l i thi u m ba t t e ry i n du s t ry and th e inv e n tor o f 1 ,0 00 + w o rl d w i de p a te n t s i n t he s o l i d - s t a te ba t t e ry sp a ce • P lan t D ir e ctor o f D a y ua n Pl a nt an d D i rector of R& D D e p t . , F o xco n n Adv a n ce d T e ch n o l o gy • D i recto r , Po l ymer Bat t e ry D i vis i on , U l t r a - l i fe T a i w an • B . S. and M . S. , Ch e mic a l En g i n ee ri n g & M a teri a ls Sci e n ce a n d En g i n ee ri n g , N a tio n a l T a i w an Un i vers i ty Y i - M in g W ANG He a d o f S upp ly Ch a in • 20 + y ea rs o f e x pe r i en c e i n R&D, s upp ly ch a in & eng in e e r ing • P rov e n e x pe rtise in s e m ico n du ct o r and ne w ene rgy in d u str i es • F o r m e r le a de rshi p in Da n an , Unit e d R ene wa b le Ene rgy and TSMC
44 TDAC Overview S pon s o r: T D A C Pa r t n e r s L LC T ic ke r s (Un i t / St o ck / W a r r a n t): T D A C / T D A C U / T D A CW O ffe r Dat e : D e ce mbe r 24 , 2024 L ist ing : N A SD AQ D e a l Si z e : $172 .5 M i l l i on Un i ts O ffe r e d : 17 .2 5 mi l l i on un i t s ; $10 .0 0 p e r un it Un i t Structur e : 1 .0 shar e / 0 .5 w a r r a nt W a rr a nt C o n ve r s i o n: $ 1 1 .5 0 s t r ik e / $18 .0 0 ca ll C a s h i n T rust: $10 .1 0 p e r un i t s o l d (1 0 1 .0%) S pon s o r “ at ris k ” I n ves tm e n t: $7 .0 8 mi l l i on v ia pu r c h ase o f 7 ,0 75 ,0 0 0 w a r r a n ts ($ 1 .0 0 / w a r r a n t) S pon s o r Promote: 4 ,6 57 ,5 00 s h a r e s ; ~ 1 % p ro f o r ma A c q u isit i o n P e r i o d: 18 mo n ths
45 Fren c h Subs i dy De t ail H O W M U C H €1.37B tota l appro v ed ■ € 2 7 5M a d va n ce p a y m e n t al r e a dy secu r ed ■ F u n d e d by F r e n ch g o ve r n m e n t via B P I F r a n ce ■ A ut h o r ized by E u r o p e a n Co mm iss i o n ( SA . 1 0 6 7 4 0) W H A T W E G E T I T F O R 44 GWh of i n l ay + 10 G Wh of c e l l c apa c i ty ■ E u r o p e's fi r st soli d - sta t e b a tt er y gig a fac t o r y in Du n kirk ■ R & D, ind u st r ialization , a n d r ecycling m ilesto n es ■ P h a se 1 ( 4 GWh ) o n t r ack f o r 2 0 30 W H E N I T A R R I V E S 9 Milestones pa i d 202 4 – 2032 ■ T ied to ca p acity b uil d - out – p a id u p o n d e live ry ■ No clawback if m ilesto n es ar e m et ■ F lexibil i ty to scale t o d em a n d - d r iven ca p acity C U M U L A T I V E G R A N T B Y C A P A C I T Y T I E R € m il l ions r ec e ived at e a ch b u il d - o u t sta ge €575M €768M €887M €1 , 025M €1 , 375M € 0 € 200 € 400 € 600 € 800 € 1 , 000 € 1 , 200 € 1 , 400 € 1 , 600 4 G Wh 8 G Wh 1 2 G Wh 2 4 G Wh 4 4 G Wh P H A S E 1 I S A L R E A D Y F U N D E D €275 M A lrea dy i n hand (adv a n c e pa y men t s e c ured) €768 M Triggered b y h i tt i ng P ha s e 1 ( 4 – 8 G Wh) €1 . 1B+ Tied to m i l es tone s P roLog i um c ontro ls
46 Additiona l C a se St u dy: EV Applic a tions Ap p l ica tion A F re n ch to p tier raci n g car O E M & a G e rma n lux u ry sp o rt drivi n g O E M High E n e rg y D es ign • Col d we a th e r ra n ge > 90% • U l ti m a t e s a f e ty • 40 0 V Fa s t ch a rgi n g : 5 - 80 % < 6 .4 mins E x ecu t ive LUX U RY Ap p l ica tion A G erm a n hi g h - en d bu s in e s s & lux u ry O EM Lo n g R a nge De s ign • Ra n ge : 80 0 - 10 0 0 km • U l ti m a t e s a f e ty • 40 0 V Fa s t ch a rgi n g : 5 - 80 % < 6 .4 mins Ty p e T r a d i t i o n al LF P +C T P SSB T o t a l E n e r g y 83 kWh 45 kWh We ig h t ( K g ) 56 0 220 400 V F a s t C ha r g i n g ( S o C ) 30 - 8 0 % : 3 0 m i ns 5 - 8 0 % < 6 . 4 mi ns Dr iv i n g D is t an c e p er 6 . 4 - min C ha r g i n g 85 - 98k m 350km O E M ’ s T o t a l C o s t o f Pa c k (U S D ) 8,30 0 7,425 M a ss M a rket ProL o gium ’ s 4 5 kW h sm a l l b a t t ery e n a b les 3 5 0 k m r a n g e & s e c u r e hi g h g r o s s margin. O E M s e n joy low e r t o t a l ba t te ry c o st , 1 / 2 wei gh t , and lo n ge r m i l eage t h an t ra d itio n a l solu t io n s. Ap p l ica tion A Gl o ba l ful l - ra n ge pa s se n g er & co m mer c i a l ve h icle s O EM Rep l acea bl e De s ign • LL C B De s ig n in Hori z on t a l Co o lin g Sy s tem • Cell Le v el Re p lac e ab l e an d Re p air a ble
47 Additiona l C a se St u dy: Co n struction M a chinery “ e are ex c i t e d t o l e v er a g e o u r exp e rtise i n 2 0 2 6 /01 e n er g y t e c h n o l o g y a n d b a tt e r y m o n i t or i n g t o c o n tri b u t e t o t h e d e v e l o p m e n t o f n e x t - g e n e ra t i o n s o l i d - s t a t e b a tt e r y sol u t i on s. T h is col l abo r a t i on r ep r e se n ts a sig n i f ica n t s t e p t o war d re a l i z i n g a s ust a i n a b l e a n d c ar b o n - n e u t ra l f u t u re. Mr. K oj i K urayama, Man a ger of N e x t - G enerat i o n S torage B atter y S ys tem P roje c t K y u s hu E l ec tri c P o w er