German electric carmaker e.GO joins Nasdaq following Athena merger

Athena Consumer Acquisition Corp. and Next.e.GO Mobile SE have finalized their Business Combination, leading e.GO to make its trading debut on the Nasdaq Stock Market under the ticker “EGOX” from October 20, 2023. Originating from the transaction announced in July 2022, this move could bring a potential inflow of about $285 million, pre-redemption adjustments.

Approval and Shareholder Perspectives

The culmination of this Business Combination was set into motion after Athena’s shareholders endorsed the proposal on September 29, 2023. Consequently, Athena was integrated into e.GO, making it a fully-owned subsidiary. Athena’s units, Class A Common Stock, and warrants are slated for NYSE American LLC delisting, pausing trading activities before the market commencement on October 20, 2023.

Ali Vezvaei, e.GO’s Chairman, remarked, “This significant step forward, in spite of overarching global market trends, is promising for e.GO. As a listed entity, the capital market accessibility can significantly bolster our mission, propelling our growth blueprint.” He added, “Our emphasis is on the energy shift, invigorating urban e-mobility through our groundbreaking manufacturing technology, ensuring urban e-mobility is accessible and economical.”

e.GO’s urban electric vehicle mission bolstered by Nasdaq listing post Athena deal. Photo courtesy of Next.e.GO Mobile SE.

Echoing the sentiment, Isabelle Freidheim, Athena’s Chairman, said, “This pivotal juncture of taking the reputed German electric vehicle maker, e.GO, public is a testament to Athena Consumer’s steadfast dedication. We’re anchored in our pledge to incubate innovation, steadfastly backing our allied firms, and steering advancements to reinvent the industry, positioning e.GO as a formidable global contender.”

Deep Dive: The Transaction’s Backstory

Anticipated gross proceeds from the July 2022 announced deal could touch $285 million, pre-adjustments from potential redemptions by Athena’s public investors. The combined entity’s pro forma enterprise value stands at approximately $913 million, with e.GO’s pre-cash market cap hovering around $800 million. This figure also includes a share performance-centric payout for e.GO stakeholders, encompassing 30 million shares.

e.GO’s Vision for Urban Mobility

From its base in Aachen, Germany, e.GO has been at the forefront of designing and manufacturing battery-operated vehicles tailored for cityscapes. The company stresses on ensuring urban mobility is dependable, convenient, and cost-effective. Proprietary tech and cost-efficient MicroFactories form the backbone of e.GO’s revolutionary electric vehicle production approach. With their vehicles already plying on the roads, e.GO is playing a pivotal role in enhancing city commuting experiences while emphasizing environmental consciousness.