The Nightcap from SPAC Track

Tritium, which makes fast chargers for electric vehicles, has reached an agreement to go public through a merger with blank-check company Decarbonization Plus Acquisition Corp. II, according to people with knowledge of the matter.

The deal with the special purpose acquisition company, or SPAC, values Tritium at $1.2 billion, the people said, asking not to be identified because the information was private. The transaction is expected to generate proceeds of about $400 million, said the people.

Unlike most SPAC mergers, Tritium’s combination with Decarbonization Plus II didn’t include raising a private placement, the people said.

David Hall, the founder of leading lidar manufacturer Velodyne, is going to war with the SPAC that acquired his company. In a letter, Hall is calling for the resignation of two of the company’s SPAC-appointed board directors, whom he blames for Velodyne’s “poor financial performance.”

It’s the latest twist in the increasingly dramatic saga of Velodyne, a top maker of the laser sensors that are viewed as crucial for the operation of autonomous vehicles. Last month, Hall was ousted as chair of the company’s board, and his wife, Marta Thoma Hall, was removed as its chief marketing officer. The board cited an investigation into “inappropriate behavior” by both Halls in its justification for their removal. Marta Hall remains a member of Velodyne’s board of directors, while David Hall resigned his position on March 2nd.

Now, David Hall is striking back by directly challenging the special purpose acquisition company, Graf Industrial Corp, that merged with Velodyne last summer. He is calling for the ouster of two of the SPAC’s chosen board members, Michael Dee and Christopher Thomas, and their replacement with an “independent” member of his own choosing.

“I will not stand idly by and watch the board squander Velodyne Lidar’s bright future with what I believe is a lack of strategic focus and poor corporate governance,” Hall writes

Vista Equity Partners is exploring raising two special purpose acquisition companies despite a slowdown in issuance in the vehicles that have gained mainstream popularity and even inspired a hip-hop track.

Vista, led by billionaire Robert F. Smith, last month registered entities named V-Acquisition I Corp. and V-Acquisition II Corp. with the U.S. Securities and Exchange Commission, according to data reviewed by Bloomberg.