CENAQ Energy Corp. (NASDAQ:CNAQ) announced it has closed its combination with Bluescape Clean Fuels following the addition of a PIPE earlier this week.
Bluescape is now to be renamed Verde Clean Fuels with its shares and warrants set to trade on the Nasdaq under the symbols “VGAS” and “VGASW” later today.
This brings an CENAQ’s extended endgame to the finish line, as its shareholders approved the deal on January 4. But, it had already noted in December that it had not been able to raise the full $80 million PIPE it envisioned at the deal’s announcement. Shareholders also redeemed 89.3% of shares at the vote, dropping its trust value to about $19 million.
As such, the SPAC has been at work shoring up new PIPE commitments to meet the deal’s closing conditions and gave an update on Tuesday. The combined company is now expected to receive $32 million from the original PIPE and new PIPE funds, resulting in total proceeds of approximately $51 million.
The parties originally announced their $280 million combination in August 2022. Dallas, Texas-based Verde Clean Fuels turns waste feedstocks into renewable gasoline, allowing consumers to reduce their carbon footprint.
Verde’s first project is expected to produce 7 million gallons of renewable gasoline per year from a landfill site in Maricopa, Arizona. Through a combination of this transaction’s proceeds and future project financing, Verde expects to bring this project online in the first half of 2025.
ADVISORS
- Imperial Capital is serving as financial advisor to CENAQ.
- Vinson & Elkins L.L.P. is serving as legal counsel to CENAQ.
- Kirkland& Ellis LLP is serving as legal counsel to BCF.
- Baker Botts L.L.P. is acting as legal counsel to Imperial Capital.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...