Business
Solid Power to Trade on Nasdaq as SLDP After Completing Business Combination with Decarbonization Plus Acquisition Corporation III
Solid Power to become the only pure-play solid-state battery company to trade on the public marketsSolid Power common stock and warrants expected to begin
About this update from Solid Power, Inc.
[{"type":"text","content":"Solid Power to become the only pure-play solid-state battery company to trade on the public marketsSolid Power common stock and warrants expected to begin trading on Nasdaq Global Select Market on December 9, 2021 under the symbols “SLDP” and “SLDPW,” respectivelyGross proceeds to Solid Power from the transaction of $542.9 million from fully committed $195 million PIPE and $347.9 million of cash held in trust net of redemptions; only 0.6% of shares held by public stockholders of DCRC were redeemedOf the shares voted at the special meeting of DCRC’s stockholders, over 99.9% voted to approve the business combination LOUISVILLE, Colo., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Solid Power, Inc. (“Solid Power”), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced the completion of its previously announced business combination following a special meeting of Decarbonization Plus Acquisition Corporation III’s (“DCRC”) (NASDAQ: DCRC) stockholders on December 7, 2021. The combined company will retain the Solid Power, Inc. name and its common stock and warrants are expected to commence trading on the Nasdaq Global Select Market under the ticker symbols “SLDP” and “SLDPW,” respectively, on December 9, 2021. “Solid Power has spent the last ten years developing all-solid-state battery technology that is designed to deliver the increased performance demanded by both automakers and consumers. We are excited to have completed our business combination with DCRC and we are looking forward to our future as the only pure-play solid-state company trading on the public markets,” said Doug Campbell, Co-Founder and Chief Executive Officer of Solid Power. “Solid Power’s focus continues to be on the commercialization of our next-generation all-solid-state battery cells for automotive applications. We plan to use the proceeds from this transaction to fund our capital-light business model through vehicle integration, which we expect to occur in 2026.” Solid Power received gross proceeds from the transaction of approximately $542.9 million from its fully committed $195 million PIPE and the receipt of approximately $347.9 million of cash from DCRC’s trust account net of redemptions. Of the shares voted at the special meeting of DCRC stockholders on December 7, 2021, over 99.9% voted to approve the business combinatio...