The United States Basketball League and Shorepower Technologies announced their merger. With this Shorepower will go public and both aim to reduce truck idling and stop emission of particulate matter that is harmful to drivers and the environment. This is how a dead pro basketball team electrifying truck stops.
The Oregon-based energy firm Shorepower Technologies went public through a reverse merger with the United States Basketball League (USBL). Shorepower was founded in 2004 and the basketball league operated between 1985 and 2008.
The USBL was best known for their public stocks in 1996 and has some recognizable names like Hot Rod Williams, Manute Bol, and Atlantic City Seagulls (3-time champions). But on 20-October-2021, their high time closing was $1.00 only and before that the league went under and their shares were trading on pink sheet.
After this, the USBL announced the merger plans with Shorepower to zero fanfare in November 2022. At that time, the total reported assets of USBL were $271,000 (half of this was cash in hand/at bank). This merger can be considered like a SPAC merger but without SPAC.
In the upcoming week, USBL is expected to change its stock symbol and name to reflect the new nature of the company (Electric Vehicle Charging Stations). And with upgrades, organic growth, acquisitions and new installations Shorepower intends to grow its electric vehicle charging stations footprint in North America.
With the increase in EVs on the roads there is a potential demand for charging stations and this merger may prove a good step in this direction.
Shorepower President and CEO Jeff Kim said, â€œWe got our start in truck stop electrification. Generally, at an RV park, no one’s running their engines. You go to a truck stop, the majority of them are running the engine simply to keep comfortable [and] they consume about a gallon of diesel fuel per hour.â€
It is worth noting that trucks idling create fume clouds and particulate matter that basically drivers inhale.
Jeff Kim further added, â€œSince our inception in 2004, we have built our transportation electrification infrastructure based on our vision of the transition to electric vehicles, both passenger and commercial. It has arrived. We salute the Biden Administration and their commitment to developing the infrastructure to enable the ubiquity of electric vehicles. Government spending on infrastructure continues to grow as evidenced by the administration’s recent statement that we will build over 500,000 EV charging stations across the country.â€
Saeb Jannoun, Former CEO of USBL commented, â€œUSBL has been looking for the right partner and opportunity. Jeff Kim and Shorepower check both boxes. Mr. Kim’s foresight and vision to start Shorepower even before the first Tesla was commercially available underscores his knowledge and understanding of the transition to electric vehicles and its gating factors, most significant among them being charging stations.â€
Shorepower is planning to use this merger to upgrade stations at around 60 of its locations along with expanding the network of its conventional EV chargers. The company previously had raised around $16 million, most of it via grants. Even though the merger is strange in itself, a revival is at hand after a dead pro basketball team electrifying truck stops.
Source: PR Newswire