- SPAC Parabellum Acquisition (NYSE:PRBM) said Monday it will combine with EnOcean in a deal that pegs the energy harvesting firm's enterprise value at $120M.
- The combined company will be named EnOcean Holdings and will be listed on NYSE under the ticker "SIOT", or Sustainable IoT.
- The combined firm will receive ~$146.5M in gross proceeds from Parabellum's (PRBM) trust account, assuming no redemptions by the SPAC's public shareholders, and up to $40M in additional financing to be raised prior to the closing of the deal.
- The deal is expected to provide EnOcean with growth capital to expand deployment of its technology and for strategic acquisitions.
- The combined company will continue to operate EnOcean's business from Oberhaching, Germany.
- The deal is expected to close in H1 2023.