Rice Acquisition Corp. II (RONI) Adds $15M PIPE to NET Power Deal
by Marlena Haddad on 2023-05-30 at 8:59am

Rice Acquisition Corp. II (NYSE: RONI) today announced that it has secured $15 million for its PIPE in connection to its business combination with clean natural gas producer NET Power, bringing the total committed capital to approximately $575 million.

Today’s commitments come from certain investors who have agreed to subscribe to an aggregate of 1,500,000 shares of Class A Common Stock. The terms and conditions of these agreements are similar to the previous subscription agreements made in 2022.

Rice II originally brought about $335 million into the deal from its current trust and supplemented this with a $100 million investment by the Rice family and affiliates and $135 million from OXY Investment and others all at $10 per share. The SPAC then announced in April that it had secured an additional $275 million in PIPE financing as Occidental (NYSE: OXY) increased its commitment by $250 million, bringing its total investment to $350 million, and the Rice family committed an additional $25 million to the PIPE, bringing their total investment to $125 million.

The SPAC was also able to secure an additional $50 million earlier this month from SK Group, which announced its intent to establish a NET Power-SK joint venture to pursue the origination and development of utility-scale NET Power plants across Asia. The parties expect to each own a 50% stake in the common equity of the joint venture, which is subject to negotiation and execution of definitive documentation.

Assuming no redemptions, the combined company is expected to have a market capitalization in excess of $2 billion.

Rice II announced its $1.5 billion business combination with NET Power in December 2022. Durham, North Carolina-based NET Power has developed technology to create natural gas-fired plants that capture nearly 100% of their potential CO2 emissions.

 

Recent Posts
by Kristi Marvin on 2023-09-22 at 5:34pm

Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...

by Kristi Marvin on 2023-09-22 at 5:32pm

Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...

by Kristi Marvin on 2023-09-22 at 5:23pm

Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26  at 11:30 a.m., Eastern Time.  Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...

by Kristi Marvin on 2023-09-22 at 4:46pm

Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...

by Nicholas Alan Clayton on 2023-09-22 at 3:31pm

Hainan Sirius Acquisition Corp. (NASDAQ:HSAC) filed an S-1 this week to become September’s first new SPAC and the 20th overall to file in 2023. The SPAC aims to combine with a company operating in a sizable market with cutting edge disruptive technology that is scalable with near-term cashflow in sight. That is fairly broad and...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved