Twin Ridge Capital was revealed in late November as the US special purpose acquisition company intending to buy Carbon Revolution and list it on a stock exchange in the US, most likely the Nasdaq.
But investors were alarmed at the time of the November announcement because Carbon Revolution said it still needed $30 million in funding as a bridge before the deal finalized in the June quarter of 2023.
Investors in Carbon Revolution could not trade in the stock for all of November because the company went into a two-day trading halt from October 31 and then a suspension because the ASX unhappy with the lack of disclosure about the proposed merger.
The ASX was announced that Carbon Revolution effectively buried the proposed merger deep in its last regular quarterly sales announcement, on October 31.
It asked the company to explain how the heading on the announcement of “Q1 FY23 quarterly activities report” contained a fair and balanced impression of what the announcement is about, so as “not to mislead readers”.