Proceeds To Support Next.e.GO Mobile SE’s
Production and Global Expansion
Next.e.GO Mobile SE (“e.GO”), an innovative producer of urban
battery electric vehicles and unique production technology, today
announced the successful closing of a $75 million fixed interest
rate debt financing from Western Asset, one of the world’s leading
fixed-income asset management institutions. The net proceeds of the
financing will be used to help e.GO continue executing on its
business strategy, with a particular focus on production of the
e.wave X model as well as its global growth leveraging its
proprietary MicroFactory.
“We are pleased to partner with Western Asset, one of the
world’s leading fixed-income managers that has been providing
customized financial solutions on behalf of their clients for over
50 years,” said Ali Vezvaei, Chairman of the Board of e.GO. “As we
focus on bringing convenience, practicality and affordability to
everyday urban mobility, this financing gives us the opportunity to
continue towards our planned production and grow our MicroFactory
footprint.”
“This successful debt financing is a testament to e.GO’s robust
technology foundation as an innovative producer of electric
vehicles. We are truly excited about our partnership with e.GO and
looking forward to its continued growth upon closing of the
envisioned de-SPAC transaction,” said Isabelle Freidheim, Chairman
of the Athena SPAC.
e.GO has developed and introduced a new innovative vehicle
manufacturing solution that enables the company to produce its
urban vehicles faster and with less capital investment compared to
traditional vehicle manufacturing methods. These disruptive
production facilities, called MicroFactories, have unique features
such as higher economic flexibility and optimized energy footprint,
while creating employment opportunities and enabling decentralized
global growth. e.GO’s product platform leverages its wide range of
innovation and knowhow, including materials selection, battery
solution and the smart skateboard.
There are already more than 1,300 e.GO vehicles on the road to
date.
About e.GO
Headquartered in Aachen, Germany, e.GO designs and manufactures
battery electric vehicles for the urban environment, with a focus
on convenience, reliability and affordability. e.GO has developed a
disruptive solution for producing its electric vehicles using
proprietary technologies and low cost MicroFactories, and has
vehicles already on the road today. e.GO is helping cities and
their inhabitants improve the way they get around and is making
clean and convenient urban mobility a reality. Visit
https://www.e-go-mobile.com/ to learn more.
As previously announced, e.GO has entered into a definitive
agreement for a business combination (“Business Combination”) with
Athena Consumer Acquisition Corp. (“Athena”) (NYSE: ACAQ, ACAQ.U,
ACAQ WS), a publicly-traded special purpose acquisition company
that would result in e.GO and Athena becoming a subsidiary of
Next.e.GO B.V. (“TopCo”) to be publicly listed on the NYSE under
the new ticker symbol “EGOX”. Completion of the proposed
transaction is subject to customary closing conditions and is
expected to occur in of the second half of 2023.
About Western Asset
Western Asset
Western Asset is one of the world’s leading fixed-income
managers with 50 years of experience and $402.1 billion in assets
under management (AUM) as of March 31, 2023. With a focus on
long-term fundamental value investing that employs a top-down and
bottom-up approach, the firm has nine offices around the globe and
deep experience across the range of fixed income sectors. Founded
in 1971, Western Asset has been recognized for delivering superior
levels of client service alongside its approach emphasizing team
management and intensive proprietary research, supported by robust
risk management. To learn more about Western Asset, please visit
www.westernasset.com.
Forward Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target”, “may”,
“intend”, “predict”, “should”, “would”, “predict”, “potential”,
“seem”, “future”, “outlook” or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding Athena, e.GO, and TopCo’s
expectations with respect to future performance and anticipated
financial impacts of the Business Combination, the satisfaction of
the closing conditions to the Business Combination, the level of
redemptions by Athena’s public stockholders, the timing of the
completion of the Business Combination and the use of the cash
proceeds therefrom. These statements are based on various
assumptions, whether or not identified herein, and on the current
expectations of Athena, e.GO, and TopCo’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and may differ from assumptions, and such
differences may be material. Many actual events and circumstances
are beyond the control of Athena, e.GO, and TopCo.
These forward-looking statements are subject to a number of
risks and uncertainties, including: (i) changes in domestic and
foreign business, market, financial, political and legal
conditions; (ii) the inability of the parties to successfully or
timely consummate the proposed Business Combination, including the
risk that any required regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the proposed Business Combination or that the approval of the
stockholders of Athena or e.GO is not obtained; (iii) failure to
realize the anticipated benefits of the proposed Business
Combination; (iv) risks relating to the uncertainty of the
projected financial information with respect to e.GO; (v) the
outcome of any legal proceedings that may be instituted against
Athena and/or e.GO following the announcement of the Business
Combination; (vi) future global, regional or local economic and
market conditions; (vii) the development, effects and enforcement
of laws and regulations; (viii) e.GO’s ability to grow and achieve
its business objectives; (ix) the effects of competition on e.GO’s
future business; (x) the amount of redemption requests made by
Athena’s public stockholders; (xi) the ability of Athena or the
combined company to issue equity or equity-linked securities in the
future; (xii) the outcome of any potential litigation, government
and regulatory proceedings, investigations and inquiries; (xiii)
the risk that the proposed Business Combination disrupts current
plans and operations as a result of the announcement and
consummation, (xiv) costs related to the Business Combination, and
(xv) those factors discussed under the heading “Risk Factors” and
in the documents filed, or to be filed, by Athena and Topco with
the SEC. Additional risks related to e.GO’s business include, but
are not limited to: the market’s willingness to adopt electric
vehicles; volatility in demand for vehicles; e.GO’s dependence on
the proceeds from the contemplated Business Combination and other
external financing to continue its operations; significant
challenges as a relatively new entrant in the automotive industry;
e.GO’s ability to control capital expenditures and costs; cost
increases or disruptions in supply of raw materials, semiconductor
chips or other components; breaches in data security; e.GO’s
ability to establish, maintain and strengthen its brand; e.GO’s
minimal experience in servicing and repairing vehicles; product
recalls; failure of joint-venture partners to meet their
contractual commitments; unfavorable changes to the regulatory
environment; risks and uncertainties arising from the acquisition
of e.GO’s predecessor business and assets following the opening of
insolvency proceedings over the predecessor’s assets in July 2020;
and e.GO’s ability to protect its intellectual property. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements.
There may be additional risks that neither e.GO nor Athena
presently know or that e.GO and Athena currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect e.GO’s and Athena’s
expectations, plans or forecasts of future events and views as of
the date of this communication. e.GO and Athena anticipate that
subsequent events and developments will cause e.GO’s and Athena’s
assessments to change. However, while e.GO and Athena may elect to
update these forward-looking statements at some point in the
future, e.GO and Athena specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing e.GO’s and Athena’s assessments as of any date
subsequent to the date of this communication. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act, or an applicable exemption from the registration
requirements thereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20230707717226/en/
Next.e.GO Mobile SE Public Relations Lilienthalstraße 1
52068 Aachen, Germany presse@e-go-mobile.com
For Investors: Timo Wamig ir@e-go-mobile.com
For Media: Dan Brennan ICR, Inc. eGOPR@icrinc.com
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