Electric vehicle (EV) charging provider EO Charging has extended the deadline to complete a $675m merger with US special purpose acquisition company (SPAC) First Reserve Sustainable Growth.
Sources said that, while the agreement is required to be finalised by 11 March, doubts on whether the company will meet the deadline have emerged, Sky News has reported.
As a result of the current geopolitical situation and the consequent market volatility, raising private investment in public equity has become more difficult, as several SPAC mergers have been cancelled.
While an EO spokesperson told the outlet there is an agreement with First Reserve Sustainable Growth “that extends the time period for the transaction to be progressed,” Sky News sources believe that delays would end the deal, potentially putting its New York IPO at risk.
The company, who provides EV fast chargers to client such as Amazon and Tesco, announced in August its intention to float on the Nasdaq index following the SPAC merger, City A.M. reported.
“There’s not a specific date. We hope to complete it by the new year,” EO’s chief executive Charlie Jardine told City A.M. October while discussing its latest partnership to power up Tesco’s EV fleet.