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.

Flame Acquisition Corp. (FLME) Adds PIPE to Sable Offshore Deal
Recent Posts
by Nicholas Alan Clayton on 2025-06-27 at 11:20am

Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...

by Nicholas Alan Clayton on 2025-06-27 at 8:25am

At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...

by Nicholas Alan Clayton on 2025-06-26 at 7:04pm

FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...

by Nicholas Alan Clayton on 2025-06-26 at 4:52pm

Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...

by Nicholas Alan Clayton on 2025-06-26 at 8:24am

At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved