EO Charging to become publicly listed company by end of 2021
By Bradley Osborne - 16th August 2021
UK – Stowmarket-based company, EO Charging, which is the trade name of Juuce Ltd and which provides charging infrastructure to electric vehicle fleets, announced a business combination with First Reserve Sustainable Growth Corp (FRSG), often referred to as a ‘blank check’ or special purpose acquisition company. The combined company intends to begin trading on the Nasdaq as a publicly listed company (under the symbol “EOC”).
The pro-forma enterprise value of the combined company is calculated at USD675m. The transaction will provide USD222m in gross proceeds – assuming no redemptions by FRSG’s public shareholders – of which over USD150m will fund EO’s growth plans and service outstanding debts and expenses. The remainder will be paid as cash considerations to current shareholders.
