by Chris Wack
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Complete Solaria Inc. is merging with Freedom Acquisition I Corp, which will result in Complete Solaria becoming a publicly listed company.
At the close of the business combination, the company is expected to remain listed on the New York Stock Exchange under the new ticker symbol CSLR, the companies said on Monday.
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Complete Solaria, a solar technology, services and financing company, generated revenue of $80 million in 2020, which is projected to more than double to $120 million in 2022 and more than double to $285 million in 2023.
The companies said TJ Rodgers will be chairman of the board of Full Solaria.
Prior to any potential redemption by Freedom’s public shareholders, the business combination values the full Solaria at a $553 million pro forma enterprise value at a price of $10 per share. The business combination transaction is expected to provide gross proceeds of $376 million.
The merger between Full Solaria and Independence is currently expected to close in the first half of 2023.
Write to Chris Wack at chris.wa[email protected]
