Global Partner Acquisition Corp II (NASDAQ:GPAC), a special purpose acquisition company, announced today that its shareholders have approved a business combination with Stardust Power Inc., a leader in the energy sector. The extraordinary general meeting held on Thursday, June 27, 2024, saw shareholders vote in favor of the merger, which is expected to close in the coming weeks.
The business combination agreement, initially announced on November 21, 2023, and subsequently amended on April 24 and June 20, 2024, was approved by a majority of the company's shareholders. The combined entity is set to trade on the Nasdaq Capital Market under the new ticker symbols "SDST" for common stock and "SDSTW" for warrants.
At the meeting, shareholders also voted on several other key proposals, including the domestication of the company to Delaware, the adoption of a new certificate of incorporation, and the approval of the Stardust Power 2024 Equity Plan. All proposals were passed with a substantial majority.
In conjunction with the business combination, 1,660,035 Class A Ordinary Shares were redeemed for cash at approximately $11.38 per share, totaling $18,893,209.48. Post-redemption, 134,550 Class A Ordinary Shares remain, representing $1,531,342.01 in cash that will be available to the combined company upon closing.
The approval marks a significant milestone for Global Partner Acquisition Corp II, which is expected to leverage Stardust Power's expertise in the energy sector to drive growth and shareholder value.
This news is based on the company's SEC filing.
InvestingPro Insights
In light of the recent shareholder approval for Global Partner Acquisition Corp II's (NASDAQ:GPAC) business combination with Stardust Power Inc., it's pertinent to consider some financial metrics and market sentiment. According to InvestingPro data, GPACU has a market capitalization of approximately $98.99 million, with a P/E ratio that is currently negative at -36.99, reflecting its lack of profitability over the last twelve months. Furthermore, the stock is trading near its 52-week low, which could indicate a potential buying opportunity for investors who believe in the long-term prospects of the combined entity.
InvestingPro Tips suggest that management's aggressive share buybacks and a high shareholder yield are positive signs for investors, signaling confidence from insiders and a return of capital to shareholders, respectively. However, the company is not without its challenges, as it suffers from weak gross profit margins and short-term obligations that exceed its liquid assets. For those considering a deeper dive into GPACU's financial health and future outlook, InvestingPro offers additional tips and insights. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable analysis.
The InvestingPro Fair Value estimate stands at $9.6, which could be a key figure for investors to watch as the merger progresses and the newly formed entity begins trading under its new ticker symbols. With the next earnings date slated for August 12, 2024, stakeholders will be keen to see how the business combination impacts financial performance. For those interested in ongoing, in-depth analysis, there are 7 additional InvestingPro Tips available to help inform investment decisions surrounding GPACU.
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