ESGEN Acquisition Corp. Class A (ESAC) has released an update to notify the public and investors about an entry into a material definitive agreement.
ESGEN Acquisition Corporation and Sunergy Renewables, LLC amended their initial business combination agreement, reducing the consideration for Sunergy equityholders and modifying terms including the removal of certain conditions and the adjustment of share and warrant forfeiture clauses. The agreement extends the deadline for the business combination and outlines new terms for a Sponsor PIPE Investment, with the Sponsor’s commitment to purchase convertible preferred units of OpCo. Additionally, the Second Letter Agreement Amendment and the Amended and Restated Subscription Agreement were executed, detailing further share forfeitures and the Sponsor’s additional investment opportunity. The parties will also enter into an Amended and Restated Registration Rights Agreement post-closing, to address the registration of New PubCo Class A Common Stock and other securities.
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