Flame Acquisition Corp. (FLME) Adds PIPE to Sable Offshore Deal
by Marlena Haddad on 2023-08-03 at 5:12pm

Flame (NYSE:FLME) disclosed in an 8-K this afternoon that it has secured additional funding for its PIPE in connection to its merger with energy company Sable Offshore, bringing the total commitments to $74.5 million from $71.5 million.

At deal announcement, the parties entered into PIPE subscription agreements with certain investors pursuant to which the investors agreed to purchase 7,150,000 Class B shares at $10.00 per share, resulting in a commitment amount of approximately $71.5 million.

On June 30, the parties agreed to extend the transaction deadline from June 30 to March 1. In connection with the extension, the PIPE agreements were also amended regarding certain investors representing an aggregate commitment amount of $64.5 million. Under these revised agreements, the investors agreed to extend the date by which the parties must complete the financing from July 31 to March 1.

Earlier this week, Flame and Sable Offshore entered into a substantially similar agreement amendment with the remaining PIPE investors, representing an aggregate commitment amount of $10 million.

As a result, all of the Sable PIPE investors, representing aggregate commitments of $74.5 million, have executed subscription agreement amendments. Although this marks a $3 million increment from the original PIPE agreement, Flame is still far from its target, as it initially aimed to reach $300 million before the closing.

Flame inked its $883 million deal with Sable Offshore in November 2022. Sable Offshore is set to purchase the Santa Ynez Unit (SYU) offshore oil field and its associated onshore facilities off the coast of California.

Recent Posts
by Nicholas Alan Clayton on 2025-05-08 at 4:57pm

EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....

by Nicholas Alan Clayton on 2025-05-08 at 8:25am

At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....

by Kristi Marvin on 2025-05-07 at 12:13pm

Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...

by Nicholas Alan Clayton on 2025-05-07 at 11:38am

NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...

by Nicholas Alan Clayton on 2025-05-07 at 8:25am

At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved