Conyers provided Cayman Islands legal advice to SES Holdings Pte Ltd (SES), a spin-out company of the Massachusetts Institute of Technology and leader in the development and manufacturing of high-performance hybrid Lithium-Metal (Li-Metal) rechargeable batteries for electric vehicles, on its proposed business combination with Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) (Ivanhoe).
The business combination values the combined company at a pro-forma implied equity value of approximately $3.6 billion (inclusive of a $300 million earn-out) with total expected gross proceeds of $476 million (assuming no redemptions are made by Ivanhoe’s public shareholders).
The transaction, once completed, will create the first publicly-traded hybrid Li-Metal battery company that combines the high energy density of Li-Metal with cost effective manufacturability at scale. The transaction is supported by strategic investors and global automakers that include General Motors, Hyundai Motor Company and Kia Corporation.
The boards of directors of both SES and Ivanhoe have unanimously approved the proposed business combination, which is expected to be completed by the fourth quarter of 2021 subject to, among other things, the approval by Ivanhoe’s shareholders and the satisfaction of customary closing conditions.
Partner Matthew Stocker and Counsel Alex Davies of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside White & Case LLP as lead legal advisor to SES.