POLE merger with StoreDot Ltd.
StoreDot Ltd. — Develops and licenses extreme fast charging (XFC) silicon-dominant anode lithium-ion battery technology for electric vehicles, drones, and eVTOLs using an asset-light, royalty-based licensing model to existing cell manufacturers.
Announced 17 February 2026.
StoreDot BCA (2025-12-03) mutually TERMINATED 2026-02-17 via Termination & Release Agreement (8-K/425). Verified vs EDGAR.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: StoreDot Ltd.
from 8-K EX-99.1 (management/investor presentation, December 2025)The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Develops and licenses extreme fast charging (XFC) silicon-dominant anode lithium-ion battery technology for electric vehicles, drones, and eVTOLs using an asset-light, royalty-based licensing model to existing cell manufacturers.
StoreDot Ltd. — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
vs 4 listed peersA price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what StoreDot Ltd. actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for StoreDot Ltd., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
No announced deal value, so there is no price to divide.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $2.57 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 1.11× to 28.17×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- No announced deal value — nothing to strike a multiple on.
- ELPW, XCH, ADSE, JHKC, ABAT, FLUX, EVGO, DFLI have no revenue to divide by, so they are shown but left out of the peer median.
The 12 listed companies it is measured against, and why
- ELPWno revenue multiple
Direct comp: Batteries & Uninterruptable Power Supplies; micro-cap ($8m); shares lithium, ion, batteries, battery, vehicles, electric with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- SES3.04× revenue
Direct comp: Batteries & Uninterruptable Power Supplies; small-cap ($657m); shares ion, battery, lithium, batteries, manufacturing, vehicles with the target's own description; forward EV/Sales 1.1x.
- XCHno revenue multiple
Direct comp: Power Charging Stations; micro-cap ($82m); shares charging, fast, battery, electric, technology, ltd with the target's own description; forward EV/Sales 0.4x.
- ADSEno revenue multiple
Direct comp: Batteries & Uninterruptable Power Supplies; small-cap ($652m); shares charging, fast, battery, electric, management, its with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- JHKCno revenue multiple
Direct comp: Batteries & Uninterruptable Power Supplies; shares fast, charging, battery, electric, ltd with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- ABATno revenue multiple
Direct comp: Specialty Mining & Metals (NEC); micro-cap ($158m); shares lithium, battery, ion, batteries, manufacturing, technology with the target's own description; forward EV/Sales 14.6x.
- FLUXno revenue multiple
Direct comp: Batteries & Uninterruptable Power Supplies; micro-cap ($25m); shares ion, lithium, battery, batteries, vehicles, management with the target's own description; forward EV/Sales 0.5x.
- EVGOno revenue multiple
Direct comp: Power Charging Stations; shares charging, fast, electric, vehicles, with, for with the target's own description; forward EV/Sales 2.4x.
- DFLIno revenue multiple
Direct comp: Batteries & Uninterruptable Power Supplies; micro-cap ($37m); shares lithium, battery, batteries, cell, manufacturing, develops with the target's own description; forward EV/Sales 0.9x.
- MVST1.11× revenue
Direct comp: Batteries & Uninterruptable Power Supplies; small-cap ($919m); shares lithium, battery, ion, vehicles, batteries, electric with the target's own description; forward EV/Sales 0.9x.
- ENVX28.17× revenue
Direct comp: Batteries & Uninterruptable Power Supplies; small-cap ($1.6bn); shares battery, ion, lithium, batteries, manufacturing, for with the target's own description; forward EV/Sales 19.6x.
- ENS2.09× revenue
Direct comp: Batteries & Uninterruptable Power Supplies; mid-cap ($6.3bn); shares batteries, charging, battery, fast, electric, vehicles with the target's own description; forward EV/Sales 2.0x.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.