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Welsbach Technology Metals Acquisition Corp (WTMAU) is a blank check company focused on identifying and acquiring businesses in the technology metals sector. As a special purpose acquisition company (SPAC), WTMAU is dedicated to seeking opportunities for growth and expansion within the industry. Led by CEO Daniel Mamadou, WTMAU aims to leverage its expertise and resources to bring value to its shareholders through strategic acquisitions and partnerships.
Welsbach Technology Metals Acquisition Corp (WTMA) has announced the slate of independent board member candidates for approval following its merger with WaveTech Group, Inc. The candidates include experienced executives such as Rudolf Martin Siegers, former CEO of Siemens Germany, and Barbara W. Steen from Northrop Grumman Systems. The board aims to leverage their expertise to drive growth and enhance shareholder value in the battery and energy storage market. The merger is expected to position WaveTech as a global leader in energy solutions.
Welsbach Technology Metals Acquisition Corp. announced the issuance of a non-interest bearing promissory note to Welsbach Acquisition Holdings LLC valued at $772,768.60. This amount was deposited into the Company's Trust Account on December 23, 2022, extending the deadline to complete a Business Combination to March 30, 2023. The note may be converted into private units at a price of $10.00 per unit or repaid upon completion of the business combination if there are sufficient funds outside of the Trust Account.
WaveTech Group, Inc. has announced a definitive business combination agreement with Welsbach Technology Metals Acquisition Corp, set to create a company with a pro forma enterprise value of approximately $228 million. The merger aims to commercialize WaveTech's Crystal Control Technology® for enhancing battery performance. Upon completion, the new entity will trade on Nasdaq under the ticker WTG and is expected to close in the first quarter of 2023. The deal includes an earn-out provision allowing additional shares based on performance metrics.
On September 30, 2022, Welsbach Technology Metals Acquisition Corp. announced the sale of a non-interest bearing, unsecured promissory note worth $772,768.60 to Welsbach Acquisition Holdings LLC. These proceeds were deposited into the Company's Trust Account on September 27, 2022. This action extends the timeframe for the Company to complete a Business Combination until December 30, 2022. The note will either be repaid after the business combination or converted into additional private units at $10.00 per unit, depending on the Sponsor's discretion.
Welsbach Technology Metals Acquisition Corp. closed the issuance of an additional 227,686 units from its IPO, generating gross proceeds of $2,276,860. This brings total IPO proceeds to $77,276,860. Each unit comprises one common stock share and a right to receive one-tenth of a share upon a future business combination. Trading on Nasdaq began on December 28, 2021, under ticker symbol 'WTMAU.' The Company focuses on merging with businesses in technology metals and energy transition materials, and its trust account now holds the total proceeds received.
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