Decarbonization Plus Acquisition Corporation III (DCRC) gained a further 7.46% in the after-hours. This happened after the announcement of its business combination completion. DCRC has completed its business combination with Solid Power. The new company is expected to commence trading on December 09.
In the previous trading session, DCRC stock fluctuated between $11.50 and $13.35, closing at $13.01 with 2.18M shares. Following the news, the stock continued to gain in the after-hours to reach $13.98.
Moreover, DCRC’s 43.71M outstanding shares have gained 12.16% in the past five days, and 18.06% last month.
DCRC’s Business Combination with Solid Power
On December 08, Solid Power Inc. announced its business combination completion with DCRC. As per the announcement, the new company will continue with the name Solid Power Inc. Moreover, on December 09, it is expected to start trading under the ticker SLDP/SLDPW on Nasdaq.
On December 07, DCRC held a special meeting of its stockholders. In which, the stockholders voted on the combination, resulting in its acceptance by the majority. Previously, DCRC had announced its registration statement on Form S-4 with regard to the business combination, on November 10. According to this, the statement was declared effective by the U.S. SEC.
As a result of the transaction, $542.9 million gross proceeds were received by Solid Power.
Further, both the now-combined companies are looking forward to trading as the only pure-play solid-state company on public markets.
Solid Power Inc.
Solid Power produces safer and more stable all-solid-state rechargeable battery cells for EVs and mobile power markets. The company does so by replacing the flammable liquid electrolyte in conventional batteries with a sulfide-based solid electrolyte.
The company has an extensive partnership with BMW and Ford, with the addition of SK Innovation in October 2021.
According to the Co-founder and CEO of Solid Power, the company designed its all-solid-state battery for increased-performance demand in the market.
Recent Developments
On November 02, Solid Power announced the addition of two new members to its team. The company appointed Kevin Paprzycki as the new Chief Financial Officer. Mr. Kevin has over 25 years of financial leadership experience. Moreover, the company’s previous CFO, Steve Fuhrman is serving as the Vice President of Finance now.
Mr. Jacobs has more than 25 years of experience in his field, primarily for battery materials and automotive vehicle designs.
