EEW Renewables and Compass Digital Acquisition Corp. Announce Release of Investor Webcast Related to Proposed Business Combination
EEW Renewables and Compass Digital Acquisition Corp. (Nasdaq: CDAQ) have released an investor webcast regarding their proposed business combination. The webcast, featuring presentations from both companies' leadership teams, covers EEW's renewable energy thesis, business model, market opportunity, growth drivers, project pipeline, financial outlook, and transaction overview.
The companies aim to close the business combination in Q1 2025, subject to regulatory and CDAQ stockholder approvals. Upon completion, the combined entity plans to list its common stock and warrants on Nasdaq. Both companies' CEOs expressed enthusiasm about the partnership, highlighting the potential for growth, value creation, and expansion of EEW's advanced-stage project pipeline in the renewable energy sector.
EEW Renewables e Compass Digital Acquisition Corp. (Nasdaq: CDAQ) hanno rilasciato un webcast per gli investitori riguardante la loro proposta di fusione aziendale. Il webcast, che include presentazioni dai team di leadership di entrambe le aziende, tratta la tesi sull'energia rinnovabile di EEW, il modello di business, le opportunità di mercato, i fattori di crescita, il portafoglio di progetti, le prospettive finanziarie e una panoramica della transazione.
Le aziende puntano a chiudere la fusione aziendale nel Q1 2025, soggetto ad approvazioni regolatorie e degli azionisti di CDAQ. Una volta completata, l'entità combinata prevede di quotare le proprie azioni ordinarie e i warrant su Nasdaq. I CEO di entrambe le aziende hanno espresso entusiasmo per la partnership, sottolineando il potenziale di crescita, creazione di valore e espansione del portafoglio di progetti avanzati di EEW nel settore delle energie rinnovabili.
EEW Renewables y Compass Digital Acquisition Corp. (Nasdaq: CDAQ) han lanzado un webcast para inversores sobre su propuesta de combinación empresarial. El webcast, que incluye presentaciones de los equipos de liderazgo de ambas compañías, abarca la tesis de energía renovable de EEW, el modelo de negocio, la oportunidad de mercado, los impulsores de crecimiento, el pipeline de proyectos, las perspectivas financieras y un resumen de la transacción.
Las empresas tienen como objetivo cerrar la combinación empresarial en Q1 2025, sujeto a las aprobaciones regulatorias y de los accionistas de CDAQ. Una vez completada, la entidad combinada planea listar sus acciones ordinarias y warrants en Nasdaq. Los CEOs de ambas compañías expresaron entusiasmo por la asociación, destacando el potencial de crecimiento, creación de valor y expansión del pipeline de proyectos avanzados de EEW en el sector de energías renovables.
EEW Renewables와 Compass Digital Acquisition Corp. (Nasdaq: CDAQ)는 제안된 비즈니스 조합에 관한 투자자 웹캐스트를 발표했습니다. 이 웹캐스트에는 두 회사의 리더십 팀의 발표가 포함되어 있으며, EEW의 재생 에너지 논문, 비즈니스 모델, 시장 기회, 성장 요인, 프로젝트 파이프라인, 재무 전망 및 거래 개요를 다룹니다.
회사는 2025년 1분기에 비즈니스 조합을 마무리할 계획인데, 이는 규제 및 CDAQ 주주 승인에 따라 달라집니다. 완료 후, 결합된 실체는 Nasdaq에 보통주와 워런트를 상장할 계획입니다. 두 회사의 CEO는 파트너십에 대한 열정을 표현하며, 재생 에너지 분야에서 EEW의 고급 프로젝트 파이프라인의 성장 잠재력, 가치 창출 및 확장을 강조했습니다.
EEW Renewables et Compass Digital Acquisition Corp. (Nasdaq: CDAQ) ont lancé un webinaire pour investisseurs concernant leur proposition de fusion d'entreprises. Le webinaire, comprenant des présentations des équipes de direction des deux entreprises, couvre la thèse d'énergie renouvelable d'EEW, le modèle commercial, les opportunités de marché, les moteurs de croissance, le pipeline de projets, les perspectives financières et un aperçu de la transaction.
Les entreprises visent à finaliser la fusion au premier trimestre 2025, sous réserve des approbations réglementaires et des actionnaires de CDAQ. Une fois finalisée, l'entité combinée prévoit de lister ses actions ordinaires et warrants sur Nasdaq. Les PDG des deux entreprises ont exprimé leur enthousiasme quant au partenariat, mettant en avant le potentiel de croissance, de création de valeur et d'expansion du pipeline de projets avancés d'EEW dans le secteur de l'énergie renouvelable.
EEW Renewables und Compass Digital Acquisition Corp. (Nasdaq: CDAQ) haben ein Investor-Webcast zu ihrer vorgeschlagenen Unternehmensfusion veröffentlicht. Das Webcast, das Präsentationen der Führungsteams beider Unternehmen umfasst, behandelt EEWs erneuerbare Energie These, Geschäftsmodell, Marktchancen, Wachstumstreiber, Projektpipeline, finanzielle Aussichten und eine Transaktionsübersicht.
Die Unternehmen planen, die Unternehmensfusion im Q1 2025 abzuschließen, vorbehaltlich regulatorischer und CDAQ-Aktionärgenehmigungen. Nach Abschluss beabsichtigt die kombinierte Einheit, ihre Stammaktien und Warrants an der Nasdaq zu listen. Die CEOs beider Unternehmen äußerten Begeisterung über die Partnerschaft und hoben das Potenzial für Wachstum, Wertschöpfung und die Erweiterung von EEWs fortgeschrittener Projektpipeline im Bereich erneuerbare Energien hervor.
- Potential for accelerated growth and expansion in the renewable energy sector
- Access to public markets through Nasdaq listing upon completion of the business combination
- Expanding advanced-stage project pipeline for EEW
- Supportive regulatory environment in EEW's operational geographies
- Business combination subject to regulatory and stockholder approvals
- Closing of the transaction not expected until Q1 2025
Insights
The release of an investor webcast for the proposed business combination between EEW Renewables and Compass Digital Acquisition Corp. (CDAQ) is a standard procedural step in the SPAC merger process. While it provides some transparency, it doesn't significantly alter the investment landscape. The key points to note are:
- The transaction is targeting a Q1 2025 closing, which is still several months away.
- EEW's CEO highlights their existing project pipeline and potential for growth in the renewable energy sector.
- CDAQ's CEO emphasizes the attractive market opportunity and supportive regulatory environment.
However, the webcast doesn't provide new financial figures or material changes to the previously announced deal structure. Investors should remain cautious and wait for more concrete financial data and the completion of regulatory and shareholder approvals before making investment decisions. The renewable energy sector's potential is promising, but the success of this specific combination will depend on EEW's ability to execute its business plan post-merger.
NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) -- EEW Renewables Ltd (“EEW”), a global developer in the renewable energy industry, and Compass Digital Acquisition Corp. (Nasdaq: CDAQ) (“CDAQ”), a special purpose acquisition company, announced today the release of an investor webcast related to the proposed business combination agreement (the “Business Combination Agreement”) providing for the proposed business combination between CDAQ and EEW (the “Proposed Business Combination”).
The investor webcast includes a presentation from the EEW and CDAQ leadership teams. The presentation provides the latest views on EEW’s renewable energy thesis, business model, addressable market opportunity, market growth drivers, project pipeline, financial outlook, and transaction overview.
Investors may access the webcast recording and the investor presentation discussed on the webcast on the respective EEW and CDAQ websites at www.eewrenew.com/webcast and https://compassdigitalspac.com/webcast.
Svante Kumlin, CEO of EEW, commented: “Today’s presentation reaffirms our excitement and vision for the future alongside CDAQ. This business combination enables us to continue to grow and capitalize on our significant existing project pipeline while generating clean and renewable energy. We are excited to continue collaborating with the CDAQ team and believe we are well-positioned to unlock new opportunities and significant value for our shareholders moving forward.”
Thomas Hennessy, CEO of CDAQ, added: “We remain fully committed to the proposed business combination with EEW. The market opportunity continues to be attractive, the regulatory environment in EEW’s geographies remains supportive and EEW’s advanced-stage pipeline is expanding. We believe that CDAQ is the ideal strategic and capital partner to accelerate EEW's business plan. We are targeting a Q1 2025 business combination closing, and we believe that this transaction with EEW provides a compelling long-term opportunity for shareholders.”
On September 6, 2024, EEW and CDAQ announced that they entered into a definitive business combination agreement subject to customary closing conditions, including regulatory and CDAQ stockholder approvals. The combined public company is expected to list its common stock and warrants to purchase common stock on Nasdaq, subject to approval of its listing application. The Proposed Business Combination has been unanimously approved by the Board of Directors of both EEW and CDAQ. The original announcement can be read here.
About EEW Renewables
EEW was established by entrepreneur Svante Kumlin. It stands as a prominent independent group dedicated to developing renewable energy projects on a global scale. Historically, EEW has concentrated on the development of large scale solar photovoltaic (PV) projects. However, the company has recently expanded its focus to include solar projects coupled with battery energy storage systems (BESS). Moreover, EEW has an approximate
For additional information, please visit www.eewrenew.com
About Compass Digital Acquisition Corp.
Compass Digital Acquisition Corp. is a blank check company incorporated in the Cayman Islands on March 8, 2021. CDAQ was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. CDAQ is an early stage and emerging growth company and, as such, is subject to all risks associated with early stage and emerging growth companies.
For additional information, please visit compassdigitalspac.com
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Proposed Business Combination between EEW, CDAQ and the to be formed new public holding company (“Pubco”), including statements regarding the benefits of the Proposed Business Combination, the anticipated timing of the completion of the Proposed Business Combination, the services offered by EEW and the markets in which it operates, the expected total addressable market for the services offered by EEW, the sufficiency of the net proceeds of the Proposed Business Combination to fund EEW’s operations and business plan and EEW’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to the following risks: (i) the Proposed Business Combination may not be completed in a timely manner or at all; (ii) the Proposed Business Combination may not be completed by CDAQ’s business combination deadline, and CDAQ may fail to obtain an extension of its business combination deadline; (iii) the parties may fail to satisfy the conditions to the consummation of the Proposed Business Combination, including the adoption of the business combination agreement by the shareholders of CDAQ, the satisfaction of the minimum trust account amount following redemptions by CDAQ’s public shareholders, retaining a minimum amount of available cash and the receipt of certain governmental and regulatory approvals; (iv) an event, change or other circumstance could occur that gives rise to the termination of the business combination agreement; (v) the announcement or pendency of the Proposed Business Combination could adversely affect EEW’s business relationships, performance, and business generally; (vi) the Proposed Business Combination could disrupt EEW’s current plans and operations; (vii) legal proceedings may be instituted against EEW, CDAQ, Pubco or others related to the business combination agreement or the Proposed Business Combination; (viii) Pubco may fail to meet Nasdaq Stock Exchange listing standards at or following the consummation of the Proposed Business Combination; (ix) the parties may not be able to recognize the anticipated benefits of Proposed Business Combination, which may be affected by a variety of factors, including changes in the competitive and highly regulated industries in which EEW (and following the Proposed Business Combination, Pubco) operates, variations in performance across competitors and partners, changes in laws and regulations affecting EEW’s business and the ability of EEW and the post-combination company to retain its management and key employees; (x) Pubco may not be able to implement business plans, forecasts, and other expectations after the completion of the Proposed Business Combination; (xi) EEW (and following the Proposed Business Combination, Pubco) will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xii) Pubco may experience difficulties in managing its growth and expanding operations; (xiii) Pubco may suffer cyber security or foreign exchange losses; (xiv) a potential public health crises may affect the business and results of operations of EEW (and following the Proposed Business Combination, Pubco) and the global economy generally; (xv) the effect of costs related to the Proposed Business Combination; (xvi) EEW’s limited operating history; (xvii) EEW depends on the sale of a small number of projects in its portfolio; (xviii) to be successful, EEW must continually source new projects, including the related properties and grid capacity; (xix) the solar industry has historically been cyclical and experienced periodic downturns; (xx) EEW’s expansion into new lines of business involves inherent risks and may not be successful; (xxi) EEW faces substantial competition in the markets for renewable energy, and many of its competitors are better established and have more resources; (xxii) EEW will need additional funding to complete its business plan, and it may fail to obtain this funding on reasonable sources or at all; (xxiii) EEW’s projects are subject to substantial regulation; (xxiv) EEW operates in many different jurisdictions and countries, which exposes it to complexity and risk; and (xxv) the predicted growth of renewable energy in general and solar energy in particular may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of CDAQ’s Quarterly Reports on Form 10-Q, the registration statement on Form F-4 and proxy statement/prospectus that will be filed by Pubco, and other documents filed by CDAQ and Pubco from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and EEW and CDAQ assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of EEW, CDAQ or Pubco gives any assurance that any of EEW, CDAQ or Pubco will achieve its expectations.
Additional Information and Where to Find It
This press release relates to the Proposed Business Combination, but does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the transaction. Pubco intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 relating to the transaction that will include a proxy statement of CDAQ and a prospectus of Pubco. When available, the definitive proxy statement/prospectus and other relevant materials will be sent to all CDAQ shareholders as of a record date to be established for voting on the Proposed Business Combination. CDAQ and Pubco also will file other documents regarding the Proposed Business Combination with the SEC. Before making any voting decision, investors and securities holders of CDAQ are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about CDAQ, EEW and the Proposed Business Combination.
Investors and securities holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by CDAQ and Pubco through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by CDAQ and Pubco may be obtained free of charge by contacting its Chief Financial Officer, Nick Geeza, c/o Compass Digital Acquisition Corp., 195 US HWY 50, Suite 309, Zephyr Cove, NV, at (310) 954-9665.
Participants in the Solicitation
EEW, CDAQ and Pubco and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies of CDAQ’s shareholders in connection with the Proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests of CDAQ’s directors and officers in the Proposed Business Combination in CDAQ’s filings with the SEC, including CDAQ’s final prospectus in connection with its initial public offering, which was filed with the SEC on October 18, 2021 (the “IPO S-1”). To the extent that holdings of CDAQ’s securities have changed from the amounts reported in CDAQ’s IPO S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CDAQ’s shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus on Form F-4 for the Proposed Business Combination, which is expected to be filed by Pubco with the SEC.
Investors, shareholders and other interested persons are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the Proposed Business Combination. Investors, shareholders and other interested persons will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about EEW, CDAQ and Pubco through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC that are referred to herein can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of CDAQ, Pubco or EEW, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.
Investor Relations Contact:
Gateway Group
Cody Slach, Georg Venturatos
949-574-3860
CDAQ@gateway-grp.com
FAQ
What is the proposed business combination between EEW Renewables and Compass Digital Acquisition Corp (CDAQ)?
When is the expected closing date for the EEW Renewables and CDAQ business combination?
What information was shared in the investor webcast about EEW Renewables and CDAQ's business combination?
How can investors access the webcast recording and investor presentation for the EEW Renewables and CDAQ business combination?
