- The stock price of Peridot Acquisition Corp (NYSE: PDAC) is trading at over 16% pre-market. This is why it happened.
The stock price of Peridot Acquisition Corp (NYSE: PDAC) is trading at over 16% pre-market as of 5 AM ET. Investors appear to be responding to a Reuters report that Li-Cycle, a recycler of lithium-ion batteries, is getting close to a deal to go public through a merger with Peridot Acquisition – which is a special purpose acquisition company (SPAC) – at a valuation of $1.7 billion. This deal could be announced later today, according to Reuters’ sources.
The demand for lithium-ion batteries has been increasing at a rapid pace in order to keep up with the demand for electric vehicles. And Toronto-based Li-Cycle is known for being able to recover the critical materials from lithium-ion batteries and reintroduce them back into supply chains.
Peridot Acquisition’s sponsor is an affiliate of Carnelian Energy Capital, a Houston-based private equity firm with a successful track record of creating value within the broader energy space.
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