The latest update is out from TMT Acquisition Corp (TMTC).
TMT Acquisition Corp has revised its merger agreement with eLong Power Holding Limited, aiming to restructure the merger without altering the original economic terms. eLong Power, a company specializing in innovative battery technology for electric vehicles and energy storage systems, will undergo a reverse share split before the merger, with its Class B shares offering 50 votes each and being held by a single majority shareholder. The merger will result in eLong Power acquiring all outstanding SPAC shares, transforming SPAC into a wholly-owned subsidiary. Additional aspects of the deal include escrow arrangements for indemnification and earnout provisions, allowing the majority shareholder to receive additional shares if specific revenue targets are met. This strategic business combination, pending customary closing conditions and shareholder approvals, is set to enhance eLong Power’s market position and create value for stakeholders.
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