Global Graphene Group's Honeycomb Battery merges with a SPAC company in a deal worth over $900 million

Global Graphene Group (G3) announced that its subsidiary Honeycomb Battery is set to merge with a SPAC company (Nubia Brand International Corp.) in a deal worth $925 million. Nubia's current valuation is $700 million, and following the merger Honeycomb Battery will become a public company that trades at the NASDAQ (ticker: NUBI), with around $118 million USD in cash.

Honeycomb Battery developed several next-generation battery technologies, which include Li-Metal batteries, Li-S batteries, silicon anodes and graphene enhanced cathode materials. The company also developed a solid-state battery technology.

Honeycomb intends to use the proceeds from the proposed Transaction to expand its manufacturing and research capability.

Posted: Feb 19,2023 by Ron Mertens