Andretti Acquisition, StoreDot enter definitive business combination agreement

StoreDot and Andretti Acquisition Corp. II entered into a definitive business combination agreement for a business combination between Andretti and StoreDot under a newly formed holding company. The holding company will be named “XFC Battery” and its shares are expected to be listed for trading on the Nasdaq Stock Market. StoreDot’s patented XFC technology is a proven, production-ready solution capable of delivering 100 miles of charge in just 5 minutes, with a clear plan and roadmap to 100 miles of charge in 3 minutes. This groundbreaking capability is essential for making the EV experience as convenient as refueling a gasoline car. StoreDot has built significant commercial traction, actively engaged in B-sample development and validation programs with leading global OEMs. This deep-seated industry validation and collaboration underscore the technology’s readiness for mass production, utilizing existing battery manufacturing infrastructure. The Business Combination transaction values StoreDot at an implied pre-money equity value of $800M, with existing StoreDot shareholders, optionholders and warrantholders set to roll over 100% of their equity into Pubco, or 80.0 million shares valued at $10.00 per share. Andretti Acquisition Corp. II currently holds approximately $242M in cash in trust, all of which is subject to redemption. The pro forma enterprise value of the combined business is expected to be $882M. The Boards of Directors of both Andretti Acquisition Corp. II and StoreDot have each unanimously approved the Business Combination Agreement and the proposed Business Combination. The Business Combination transaction will require the approval of the stockholders of Andretti and StoreDot and is subject to satisfaction or waiver of the conditions stated in the Business Combination Agreement and other customary closing conditions, including obtaining certain financing commitments and the receipt of certain regulatory approvals. The transaction is expected to close in the second quarter of 2026, subject to specified closing conditions.