Complete Solaria inches closer to public market

Complete Solaria Inc, the entity created from the merger of US residential solar firms Complete Solar Holding Corp and The Solaria Corp, is getting closer to its stock market debut after shareholders of the blank check company it had agreed to merge with voted to approve the deal,

On Wednesday, Freedom Acquisition I Corp (NYSE:FACT) said that the business combination has been given the go-ahead with a positive vote of more than 76.9% of the issued and outstanding ordinary shares.

Complete Solar and Solaria agreed to merge in October to create Complete Solaria and also simultaneously sealed a deal to combine with the special purpose acquisition company (SPAC) so as to introduce the enlarged business as a publicly traded entity.

The merger with Freedom gives the combined company an equity value of USD 888 million (EUR 796.0m). Upon completion, Complete Solaria will trade its shares on the New York Stock Exchange (NYSE).

The newly-created firm is backed by an entity affiliated with the chairman of venture capital firm Kleiner Perkins, John Doerr, which invested USD 10 million in the business in February.

(USD 1 = EUR 0.896)

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