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FREYR to Combine with Alussa Energy to List on NYSE as FREY.

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MANews-(C)2009-2021

Norwegian battery cell developer FREYR AS has agreed to combine with Cayman Islands special purpose acquisition company Alussa Energy acquisition Corp. to become publicly listed as FREYR Battery (NYSE: FREY), the company said.

The transaction implies an equity value of FREYR of approximately USD 410m.

Current FREYR shareholders (fully diluted) are expected to own approximately 30% of the combined company after transaction close, representing an exchange ratio of approximately 0.179031 of shares of the combined company for each share of FREYR based on the currently available information and assuming a USD 600m PIPE.

Credit Suisse Securities LLC acted as the equity capital markets advisor to Alussa Energy. Credit Suisse Securities LLC, BTIG, LLC and BTIG Norway AS acted as the financial advisors to Alussa Energy.

Skadden Arps, Slate, Meagher and Flom LLP served as M and A legal counsel to Alussa Energy, Ellenoff Grossman and Schole LLP served as securities counsel to Alussa Energy, Wiersholm AS served as Norwegian counsel to Alussa Energy, and Appleby (Cayman) Ltd served as Cayman Islands legal counsel to Alussa Energy.

Rystad Energy and Sustainable Governance Partners acted as business and environmental, social and governance advisors...

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