Nubia Brand International Corp Announced Its Stockholders Voted To Approve Its Proposed Business Combination With Honeycomb Battery Company
Portfolio Pulse from Benzinga Newsdesk
Nubia Brand International Corp's stockholders have approved a business combination with Honeycomb Battery Company. At the meeting, 70.4% of the shares present voted in favor. Nubia received redemption requests for 99.4% of its public shares before the deadline, with each share entitled to approximately $10.94 from the trust account.
December 14, 2023 | 8:26 pm
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Nubia's stockholders approved the merger with Honeycomb Battery Company, with a significant number of shares, 99.4%, being redeemed for approximately $10.94 each.
The approval of the merger is a significant corporate action that could lead to short-term volatility due to the high percentage of shares being redeemed. This redemption could put downward pressure on the stock price as it indicates a large number of shareholders prefer cash over holding the stock post-merger.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100