Translational Development Acquisition (TDAC), a blank-check company, and ProLogium said Wednesday they have agreed to a business combination valuing ProLogium at about $3.8 billion on a pre-money, net cash-free basis.

ProLogium will seek funding by a combination of Translational's cash in trust and proceeds from a private investment in public equity deal, the companies said.

The boards of both companies have approved the deal, which is set to close in H2 and would result in the combined company ProLogium Technology becoming a Nasdaq-listed company under the ticker symbol PRLG, according to the statement.

The transaction is anticipated to fund the scaling of ProLogium's production of its fourth-generation batteries and the construction of a gigafactory in Dunkirk, France, the companies said.

ProLogium aims to mass produce solid-state battery technology with its proprietary lithium ceramic battery platform, the companies added.