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.
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