In a thrilling twist, ACG initiated a move in July to gather a whopping $301 million from the U.K. investors. Yet, like a suspenseful pause in a gripping thriller, the fundraising halted within a fortnight, hinting at “revisiting the terms” due to the overwhelming response from investors.
Among the stalwarts endorsing this deal are names like mining behemoth Glencore PLC, Chrysler-Fiat’s guardian Stellantis NV, and metals-focused La Mancha Resource Fund SCSP. However, dark clouds formed in August as ACG uncovered challenges they faced aligning the deal’s terms with its backers and sellers.
This high-stakes saga began when ACG made its grand entrance on the LSE in October 2022 with a $125 million IPO. The clock is ticking for the SPAC, with only until October 2023 to seal a deal or face delisting from LSE.
