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AltEnergy Acquisition Corp. (NASDAQ: AEAE) is a blank check company, also known as a special purpose acquisition company (SPAC), formed to facilitate mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses. The company focuses on the alternative energy sector, leveraging its management team's expertise in acquiring and operating businesses involved in renewable energy and clean technology.
Recently, on April 26, 2023, AltEnergy announced the postponement of its special meeting of stockholders initially scheduled for April 27, 2023. The meeting will now be held on April 28, 2023, at 12:00 p.m. Eastern Time via a live webcast. The agenda includes voting on the proposal to extend the deadline for completing a business combination from May 2, 2023, to May 2, 2024.
In an exciting development, AltEnergy entered into a definitive business combination agreement with Car Tech, LLC on February 21, 2024. Car Tech, a U.S.-based manufacturer of auto-body parts and a subsidiary of Shinyoung Co., Ltd., plans to expand its U.S. manufacturing operations with a focus on EV battery-related body parts. This transaction is expected to position Car Tech as a publicly traded company on the NASDAQ Capital Market, leveraging the increasing demand for electric vehicles and their related components.
The merger aims to enhance Car Tech's manufacturing capacity to fulfill new orders from global OEMs and deepen its partnership with AltEnergy's experienced management team. Car Tech has already established itself as a Tier-One vendor to top automakers like BMW and plans to supply battery-related parts to BlueOval, the Ford-SK On joint venture, starting in 2025.
AltEnergy's CEO, Russell Stidolph, emphasized the significant opportunities arising from the energy ecosystem's ongoing transformation and macro trends related to electrification and decarbonization. AltEnergy's affiliation with AltEnergy, LLC, founded by Russell Stidolph, further strengthens its position in the alternative energy sector.
In connection with the proposed transaction, AltEnergy will be renamed upon the closing of the business combination, and Car Tech will become its wholly-owned subsidiary. The transaction is anticipated to be completed in the first half of 2024, pending regulatory approvals and stockholder consent.
AltEnergy Acquisition Corp. has postponed its special meeting of stockholders, initially set for April 27, 2023, to April 28, 2023, at 12:00 p.m. Eastern Time. The meeting will discuss a proposal to extend the deadline for completing a merger or similar business combination from May 2, 2023, to May 2, 2024. The webcast can be accessed here. AltEnergy Acquisition Corp. focuses on the alternative energy sector and aims to capitalize on the ongoing transformation in energy ecosystems. A definitive proxy statement was filed on April 14, 2023, and stockholders are urged to review it for significant details related to the Special Meeting.
AltEnergy Acquisition Corp. (Nasdaq: AEAE, AEAEU) has postponed its Special Meeting of stockholders from April 27, 2023, to 12:00 p.m. Eastern Time on April 28, 2023. The meeting will address a proposal to extend the deadline for completing a merger or similar business combination from May 2, 2023, to May 2, 2024. This extension is crucial for the company, allowing more time to identify suitable targets in the renewable energy sector. Stockholders are encouraged to review the definitive proxy statement filed on April 14, 2023, which provides significant details regarding the meeting and proposals. The proxy statement is available at the SEC's website.
AltEnergy Acquisition Corp. (NASDAQ: AEAEU, AEAE, AEAEW) announced that starting December 13, 2021, holders of its units can trade shares of Class A common stock and warrants separately on Nasdaq. The Common Stock will trade under the symbol 'AEAE' and the Warrants under 'AEAEW'. Units that remain unseparated will continue under 'AEAEU'. No fractional Warrants will be issued, and brokers must contact Continental Stock Transfer & Trust Company for separation. The release clarifies that this announcement does not constitute an offer to sell securities.
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