Ann: Updated Announcement - Non-Binding Proposal, page-78

From the AFR this morning... Controversial SPAC listing hobbled Tritium

The receivers selling the shell of failed electric vehicle charging company Tritium have blamed its $2 billion listing via the controversial SPAC method for its demise.

The SPAC merger tied Tritium to a complicated and expensive capital structure without providing access to capital the company needed to survive, McGrathNicol partner Shaun Fraser told The Australian Financial Review.

“There was no financial benefit for Tritium through the SPAC merger and once it was listed on the Nasdaq the market judged it pretty harshly for a whole range of reasons,” Mr Fraser said.The US listing made the company more expensive to operate while inefficiencies in its production and manufacturing operations also strained its balance sheet.“The combination of all of those things meant Tritium burnt through the capital it did have quicker than it was able to manage ... It was finding it increasingly difficult to fund the business,” Mr Fraser said.“The shame is it was probably only six to 12 months away from being cash flow break even, but they just needed more money to get there.”

Another trouble with smoke and mirrors SPAC listing with fictious valuations that don't rteally trade at anything like market value is that you can hardly raise more equity at those fantastical valuations when investors know the real company valuation is perhaps 10% in reality (eg EUR ASX Mc vs their SPAC listing MC )