Empower Ltd - Ordinary Shares - Class A

:EMPW   3:38:44 PM EDT
9.91
-0.02 (-0.20%)
4:00:00 PM EDT: $9.95 +0.04 (+0.40%)
Exchange Changes, Mergers / Acquisitions, Equity Financing / Related

Holley And Special Purpose Acquisition Company Empower To Merge

Published: 03/12/2021 12:17 GMT
Empower Ltd - Ordinary Shares - Class A (EMPW) - Holley, the Largest Performance Automotive Aftermarket Platform, to Become Public Company.
Holley and Special Purpose Acquisition Company Empower Ltd.
(nyse: Empw) to Merge.
Empower Ltd - Transaction Values Holley at an Enterprise Value of Approximately $1.55 Billion.
Empower Ltd - Agreement Will Result in Holley Becoming a Publicly Listed Company on Nyse Under New Ticker Symbol "hlly".
Empower Ltd - Transaction Financed Through $250 Million of Cash Held in Empower's Trust Account.
Empower Ltd - Transaction Financed Through $50 Million Forward Purchase Agreement From Midocean Fund V, and $240 Million Pipe.
Empower Ltd - Sentinel Capital Partners Will Remain Holley's Largest Shareholder Upon Deal Close.
Empower Ltd - Holley's President and Ceo, Tom Tomlinson, and Current Management Team Will Continue to Lead Combined Co.
Empower Ltd - Merger Agreement Will Result in Holley Becoming a Publicly Listed Company on Nyse Under New Ticker Symbol "hlly".
Empower Ltd - Matt Rubel is Expected to Serve As Chairman of Board of Directors.
Empower Ltd - Anticipated That Combined Co Will Have About $485 Million of Net Debt on Its Consolidated Balance Sheet.
Empower Ltd - Investors Led by Wells Capital Management, Wasatch Global Investors Committed to $240 Million Pipe at $10.00/share of Empower Common Stock.
Empower Ltd - Upon Deal Close, Existing Holley Shareholders Are Expected to Own 49.9% of Combined Co.