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Next.e.GO Announces Business Combination With Athena Consumer Acquisition Corp.

Next.e.GO Mobile SE (“e.GO” or the “Company”), the in-production German electric vehicle producer, utilizes disruptive approaches to vehicle design, manufacturing and services to produce urban

Benzinga · 07/28/2022 07:09
  • Next.e.GO Mobile SE (“e.GO” or the “Company”), the in-production German electric vehicle producer, utilizes disruptive approaches to vehicle design, manufacturing and services to produce urban vehicles with a focus on affordability, convenience, practicality and smart services
  • e.GO’s unique low capex production system (MicroFactory), combined with its Industry 4.0 digital architecture, enable the company to develop and produce vehicles in shorter periods and with considerably lower investment as compared to traditional processes
  • The Company’s proprietary MicroFactory can be deployed anywhere in the world to take production closer to demand, while offering economic value add to local communities
  • e.GO has produced and put over 1,000 vehicles on the road from its first MicroFactory in Germany
  • e.GO plans to expand its global capacity with its second MicroFactory, construction of which is expected to start before the end of 2022
  • Transaction expected to provide gross proceeds of up to approximately $285 million to e.GO, comprised of up to approximately $235 million from Athena Consumer Acquisition Corp.’s trust account (assuming no redemptions) and up to $50 million in intended debt financing
  • Up to $150 million expected to be made available under a standby equity purchase agreement (“SEPA”) pursuant to a letter of intent with Yorkville Advisors Global, LP
  • Proceeds to provide growth capital to e.GO for production ramp up, including expansion of MicroFactory build outs
  • Pro forma implied enterprise value of the combined company of $913 million
  • All existing e.GO investors to roll their equity into combined publicly traded company
  • Combined company expected to be listed on the New York Stock Exchange under the ticker “EGOX”