ImpactAlpha, March 13 – Special purpose acquisition companies, or SPACs, took the market by storm in 2020 and 2021. Nearly 250 SPACs with a total value of $83 billion were brought to market in 2020. The first quarter of 2021 alone topped all of 2020’s SPAC activity.
Their downfall came just as swiftly: last year saw the highest number of withdrawn SPAC deals on record.
Now, hundreds of SPACs holding roughly $18 billion in cash are facing deadlines to get deals done, request an extension, or return their cash to shareholders.
Among the latest deals: California-based ZeroNox, which is electrifying off-highway vehicles ranging from wheelchairs to garbage trucks, last week announced it will go public via a transaction with The Growth for Good Acquisition Corp., a SPAC that raised $253 million in December 2021.
The deal would value ZeroNox at $306 million. Upon closing, the company’s common stock is expected to trade on the Nasdaq under the ticker symbol ZNOX.
ZeroNox makes zero-emission electric powertrains for off-highway vehicles and provides infrastructure for electric vehicle charging stations and batteries. Electrifying the off-highway vehicle market is a $1.3 trillion opportunity, says ZeroNox.
The company has generated $20 million in revenue in the past two years, delivering 800 vehicles to customers. The company says it currently has $180 million under contract for 2,000 units in three years.