Core Viewpoint - Car Tech, LLC and AltEnergy Acquisition Corp. have announced a definitive business combination agreement that will lead to Car Tech becoming a publicly traded company on the NASDAQ Capital Market, focusing on expanding its U.S. manufacturing operations, particularly in the EV battery-related body parts sector [1][2]. Company Overview - Car Tech is a U.S. stamped auto-body parts manufacturer and a subsidiary of Shinyoung Co., Ltd., which has over 50 years of experience in the metal stamping industry [4]. - Car Tech was founded in 2016 to lead Shinyoung's expansion in U.S. sales and is a Tier-One supplier to major automotive companies, including BMW, Volvo, and Volkswagen [4]. - The company is set to supply battery-related parts to BlueOval, a joint venture between Ford and SK On, starting in 2025 [3][4]. Market Position and Strategy - The electric vehicle market is expected to grow significantly, leading to increased demand for high-quality special purpose car parts, positioning Car Tech favorably to capitalize on these trends [2]. - Car Tech aims to expand its manufacturing capacity to fulfill new orders from major global OEMs and deepen its partnership with AltEnergy, which has expertise in energy transition and battery investments [2][3]. Transaction Details - The merger has been unanimously approved by the Boards of Directors of both companies and is expected to be completed in the first half of 2024, pending regulatory and stockholder approvals [3]. - Following the merger, Car Tech will become a wholly-owned subsidiary of AltEnergy, which will be renamed upon the transaction's closing [8].
Car Tech, LLC and AltEnergy Acquisition Corp Announce Definitive Business Combination Agreement to List Merged Company on the NASDAQ Capital Market