Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power.
The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust.
NET Power is to receive about $675 million in gross proceeds in the end, including a $540 million PIPE that was upsized from an original target of approximately $225 million.
Additionally, Occidental provided $10 million in interim financing to support the company’s operations through the closing of the business combination. The proceeds from this transaction are expected to fully fund NET Power’s corporate operations and grow its backlog of utility-scale power plant projects, with plant deliveries expected to begin in 2026.
The deal’s PIPE included a $275 million investment from strategic partner Occidental Petroleum Corporation (NYSE:OXY) and $50 million from the SK Group, which plans to launch a joint venture with NET Power to deploy its natural gas plants in Asia.
The combined company will now operate as NET Power Inc. and its Class A common stock and warrants to purchase Class A common stock will start trading on the NYSE on June 9, under the ticker symbol “NPWR” and “NPWR WS,” respectively.
Rice II inked 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.
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...
1RT (NASDAQ:ONCHU) has filed for a $150 million SPAC with confident terms in a market that has been recently much more welcoming to SPAC issuance. The new SPAC is including 1/4 warrants in its units, which is the slimmest warrant coverage offered by a newly-filed SPAC since Cohen Circle II (NASDAQ:CCIIU) put out its own...