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WaveTech Group, which develops battery-enhancing technologies, plans to merge with SPAC Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) through a deal that pegs the enterprise value of the combined company at around $228M.
The deal, which is expected to close in Q1 2023, should generate net cash of at least $25M at closing. Shares of the combined company will trade on Nasdaq under the symbol WTG.
Certain WaveTech shareholders could also receive up to 17.5M shares if certain financial or stock price targets are met.
WaveTech plans to use proceeds from the merger to ramp up its Crystal Control Technology for optimizing lead acid batteries and other battery chemistries.
Welsbach went public in December 2021 through an initial public offering that raised $75M.