- Apolo IV Acquisition Corp. (TSXV:AIV.P) and Marviken Ontario Inc., in collaboration with BotOptions (UK) PLC, have signed a definitive merger agreement
- Apolo will consolidate its shares at a ratio of 1:4.1667
- Following the merger, the resulting company will operate under the name “Marviken Energy Inc.
- Apolo IV Acquisition stock (TSXV:AIV.P) last traded at $0.02
Apolo IV Acquisition Corp. (TSXV:AIV.P) and Marviken Ontario Inc., in collaboration with BotOptions (UK) PLC, have signed a definitive merger agreement.
The merger will see Apolo Subco amalgamate with Marviken under the Ontario Business Corporations Act (OBCA), forming a new entity. Shareholders of Marviken will receive one common share of Apolo for each Marviken share they hold, post-consolidation. Additionally, Marviken stock options and certain warrants will be exchanged for equivalent Apolo securities, maintaining similar terms.
Apolo explained in a news release that the company will consolidate its shares at a ratio of 1:4.1667. Following the merger, the resulting company will operate under the name “Marviken Energy Inc.” or another mutually agreed name, with Marviken’s management team taking over leadership roles.
The transaction is contingent upon several conditions, including necessary board, shareholder, and regulatory approvals. Key conditions include:
- Approval from the Exchange and other regulatory bodies.
- Completion of a Subscription Receipt Financing.
- Shareholder approvals for the consolidation and new stock option plan.
- No adverse changes in the financial condition of either company prior to closing.
The merger is structured to ensure that no non-arm’s length parties have beneficial interests in either company prior to the amalgamation, ensuring compliance with regulatory standards.
Upon completion, it is anticipated that approximately 64.8 million Apolo shares will be outstanding, with former Apolo shareholders holding 7.4 per cent of the total. Trading of Apolo shares will remain halted pending the review of the transaction by the Exchange.
Marviken, which owns a 2.42 square km site south of Stockholm, Sweden, is poised to play a significant role in the energy sector, focusing on enhancing grid reliability through its existing battery facilities and future expansions, including a 70 MW battery energy storage system.
This merger marks a pivotal step for both companies as they aim to transform the energy landscape in Sweden and beyond. Further updates will be provided as the transaction progresses.
Apolo IV Acquisition Corp. is a Canadian capital pool company whose principal business is the identification, evaluation and acquisition of assets, properties or businesses with a view to complete a qualifying transaction.
Apolo IV Acquisition stock (TSXV:AIV.P) last traded at $0.02.
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