SEOUL,
South Korea and OPELIKA,
Ala. and NEW YORK,
Feb. 21,
2024 /PRNewswire/ -- Car Tech, LLC ("Car Tech"), a
U.S. stamped auto-body parts manufacturer and subsidiary of leading
Korean supplier, Shinyoung Co., Ltd., and AltEnergy
Acquisition Corp. (NASDAQ: AEAE) ("AltEnergy"), a special purpose
acquisition company, announced today that they have entered into a
definitive business combination agreement that would result in Car
Tech becoming a publicly traded company on the NASDAQ Capital
Market. The transaction aims to expand Car Tech's U.S.
manufacturing operations with an emphasis on its growing EV
battery-related body parts business.
"We anticipate this transaction will expand Car Tech's
manufacturing capacity so we can fill new signed orders with major
global OEMs, and, at the same time, deepen our partnership with
AltEnergy's management team, sponsor, and affiliates, who have
significant experience focusing on energy transition and battery
investments," said Chairman Hogap Kang of Shin Young.
"As the electric vehicle market is expected to grow
dramatically, demand for high-quality special purpose car parts
will increase accordingly. With special expertise in
battery-related parts and an existing plant location plus a planned
expansion in the booming Auto Corridor of the Southeastern U.S., we
believe Car Tech is well-positioned to capitalize on these positive
market trends," noted AltEnergy CEO, Russell Stidolph.
Chairman Kang noted the global and dynamic nature of Car Tech's
business: "In a short time, Car Tech has become a trusted Tier-One
vendor to BMW and is scheduled to supply battery-related parts to
BlueOval, the Ford-SK On joint venture, starting in 2025. With
these top-tier customers as a foundation, we see a bright future to
warrant Shinyoung's continued investment and support of the to-be
merged entity."
The Boards of Directors of AltEnergy and the Management
Committee of Car Tech have each unanimously approved the proposed
merger, which is expected to be completed in the first half of
2024, subject to regulatory approval, the approval of the proposed
merger by AltEnergy's stockholders and Car Tech's members and the
satisfaction or waiver of other customary closing conditions.
GLC Advisors & Co., LLC is acting as financial advisor to
AltEnergy. Morrison Cohen LLP is acting as legal advisor to
AltEnergy. Finhaven Capital Inc. is acting as the exclusive
financial advisor to Car Tech. Dorsey & Whitney LLP is serving
as legal advisor to Car Tech.
About Shinyoung/Car Tech: With over 50 years of
technical expertise in the metal stamping industry, Shin Young
Group was established as Shin-A Metal Company in 1974. Today,
Shin Young and its affiliates
provide body parts, molds, and automation solutions to major
automotive companies worldwide, including in Korea, China, the U.S., and Germany. Car Tech was founded in 2016 to lead
Shinyoung's expansion of U.S. sales while being strategically
positioned to diversify overseas sales and expand in the U.S.
market. Car Tech is a Tier-One supplier that directly supplies
parts to BMW, Volvo, and Volkswagen and is scheduled to supply
battery cases for electric vehicles to BlueOval SK beginning in
2025.
About AltEnergy Acquisition Corp (NASDAQ: AEAE): AEAE is
a blank-check company listed on the Nasdaq Global Market in 2021 to
pursue a business combination with special focus in clean
technology. AEAE is affiliated with AltEnergy, LLC, founded by
Russell Stidolph, who has been
investing successfully in this space since founding the alternative
energy practice at JH Whitney in 2000. His previous investments
span manufacturing and infrastructure companies including biofuels
(Hawkeye Renewables), renewable power generation (Iowa Winds,
American Heartland Wind, Broadview Energy), transmission
infrastructure (Anbaric Power, Tres Amigas, Western Interconnect),
and energy storage battery technology (Eos Energy Storage, now Eos
Energy Enterprises, Inc., NASDAQ: EOSE). AltEnergy was the lead
investor of Eos through its public listing and Mr. Stidolph serves
as its chairman today.
About Finhaven™: Established in Canada in 2017 and led by CEO Dohyung "DH"
Kim, Finhaven Technology Inc. is a fintech company that provides
security token capital market infrastructure and investment
platform, utilizing Web3 technologies. Using the platform,
Finhaven's vision extends to building a community of issuers and
investors seeking an integrated, straightforward platform from lead
generation to deal closing. Its subsidiary, Finhaven Capital, Inc.
is an exempt market dealer registered in BC, AB, SK, MB, and ON in
Canada, and provides financial
advice to Car Tech LLC. Pickwick Capital Partners, LLC
provides chaperone services to Finhaven Capital, Inc. For more
information, please visit www.finhaven.com and
www.finhaven.ca.
About GLC Advisors & Co., LLC: GLC Advisors &
Co., LLC is a leading independent investment advisory boutique
delivering objective, senior-level expertise to successfully
execute financial advisory assignments. GLC's professionals have
advised on 900+ transactions involving over $800 billion of enterprise value across numerous
industries and sectors. The firm's offices are located in
Denver, New York City,
Los Angeles, and San Francisco. For more information, visit
https://glca.com.
Additional Information
In connection with the proposed transaction, Car Tech will
become a wholly-owned subsidiary of AltEnergy and AltEnergy will be
renamed as of the closing of the proposed transaction. AltEnergy is
expected to file a registration statement on Form S-4 (the "Form
S-4") with the U.S. Securities and Exchange Commission ("SEC") that
will include a proxy statement and prospectus. AltEnergy and Car
Tech urge investors, stockholders and other interested persons to
read, when available, the Form S-4, including the preliminary proxy
statement/prospectus and amendments thereto and the definitive
proxy statement/prospectus and documents incorporated by reference
therein, as well as other documents filed with the SEC in
connection with the proposed transaction, as these materials will
contain important information about Car Tech, AltEnergy and the
proposed transaction. Such persons can also read AltEnergy's Annual
Report on Form 10-K for the fiscal year ended December 31, 2022, for a description of the
security holdings of AltEnergy's officers and directors and their
respective interests as security holders in the consummation of the
proposed transaction. When available, the definitive proxy
statement/prospectus will be mailed to AltEnergy's stockholders.
Stockholders will also be able to obtain copies of such documents
and all other relevant documents filed or that will be filed with
the SEC by AltEnergy, without charge, once available, at the SEC's
website at www.sec.gov. Copies of the proxy statement/prospectus
can be obtained, when available, without charge, from AltEnergy's
website https://altenergyacquisition.com/. Before making any voting
decision, investors and security holders of AltEnergy and Car Tech,
and other interested parties, are urged to read the registration
statement, the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC in connection
with the proposed business combination as they become available
because they will contain important information about the proposed
business combination.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"). All statements contained in
this press release other than statements of historical fact,
including without limitation, statements regarding the proposed
business combination between AltEnergy and Car Tech, the benefits
of the proposed business combination, the anticipated timing of the
proposed business combination, the services offered by Car Tech and
the markets in which Car Tech intends to operate, business
strategies, industry environment, potential growth opportunities,
the effects of regulations and AltEnergy's or Car Tech's projected
future results. Words such as "expect", "estimate", "project",
"budget", "forecast", "anticipate", "intend", "plan", "may",
"will", "could", "should", "believes", "predicts", "potential",
"continue", and similar expressions (including the negative
versions of such words or expressions) are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions.
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are neither promises
nor guarantees, but involve known and unknown risks, uncertainties
and other important factors that may cause actual results,
performance, or achievements to be materially different from any
future results, performance or achievements expressed or implied by
forward-looking statements. Investors, stockholders, and other
interested persons should carefully consider the risks and
uncertainties described in AltEnergy's final proxy
statement/prospectus to be contained in the Form S-4 registration
statement, including those under "Risk Factors" therein,
AltEnergy's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other documents filed by AltEnergy from time to time with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and AltEnergy and Car Tech assume no
obligation and, except as required by law, do not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither AltEnergy nor
Car Tech gives any assurance that either AltEnergy or Car Tech will
achieve its expectations.
Participants in the Solicitation
AltEnergy, Car Tech and their respective directors, executive
officers and other members of their management and employees, under
SEC rules, may be deemed to be participants in the solicitation of
proxies of AltEnergy's stockholders in connection with the proposed
transaction. Investors and security holders may obtain more
detailed information regarding the names, affiliations and
interests of AltEnergy's directors and executive officers in
AltEnergy's Annual Report on Form 10-K for the fiscal year ended
December 31, 2022. Information
regarding the persons who may, under SEC rules, be deemed
participants in the solicitation of proxies of AltEnergy's
stockholders in connection with the proposed transaction will be
set forth in the proxy statement/prospectus for the proposed
transaction when available. Information concerning the interests of
AltEnergy's participants in the solicitation, which may, in some
cases, be different than those of AltEnergy's equity holders
generally, will be set forth in the proxy statement/prospectus
relating to the proposed transaction when it becomes available.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of AltEnergy, Car Tech or the combined company, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities
Act.
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SOURCE AltEnergy Acquisition Corp.