Heliogen to begin trading on NYSE on Dec 31

Dec 29, 2021 01:20 PM ET
  • United States solar technology programmer Heliogen Inc is poised to end up being an openly traded company today after a merging with special function acquisition business Athena Technology Acquisition Corp (NYSE: ATHN) closes.
Heliogen to begin trading on NYSE on Dec 31
Image: renewablesnow.com

Athena claimed on Tuesday that its investors have actually elected to accept the business mix. The merger is readied to finish on December 30, once certain various other closing problems are satisfied. The mixed organization will certainly after that be renamed Heliogen Inc and is anticipated to start trading on the New York Stock Exchange on December 31. Its common stock as well as warrants will trade under the symbols "HLGN" and "HLGNW," respectively.

Heliogen is a California-based developer of expert system (AI)-allowed concentrated solar technology, which focuses the sunlight's rays right into heat with temperature levels going beyond 1,000 levels C that can be used in industry, for power generation, or for the manufacturing of hydrogen gas. The goal is to provide renewable energy with virtually no intermittency.

The merging was introduced in July when the incorporated business's preliminary pro forma implied enterprise value was approximated at USD 2 billion (EUR 1.77 bn). The offer was expected to provide the combined company with gross earnings of as much as USD 415 million, consisting of financier commitments to get USD 165 million in stock with a personal investment in public equity (PIPE).

Athena is a SPAC led by FinTech creator as well as venture capitalist Isabelle Freidheim and also Xtreme Solutions founder as well as chief executive Phyllis Newhouse.

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