Ace Green Recycling to Go Public Through Merger with Athena Technology Acquisition Corp. II

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The merger follows an alternative route to the public markets known as the SPAC model, where a shell company raises funds through an initial public offering to acquire a private business, thus providing it with a stock listing. Athena’s second SPAC, launched in December 2021 after raising $250 million, is the vehicle facilitating Ace Green’s public debut.

Athena’s first SPAC merged with Heliogen Inc., a renewable energy technology provider, in July 2021. However, its second SPAC’s acquisition of Air Water Ventures Ltd. fell apart before completion. SPACs have lost some momentum after a surge in the early 2020s, with fewer mergers in 2023 compared to the peak in 2021. Yet, deals continue, with 67 mergers completed so far this year, according to SPAC Research.

Chardan is advising Ace Green on the merger, while Lucosky Brookman LLP is representing Ace Green, and Latham & Watkins LLP is advising Athena Technology Acquisition Corp. II.