M3-Brigade III (NYSE:MBSC) announced in an 8-K this morning that its shareholders have approved its combination with Canadian energy producer Greenfire while warrant holders approved a proposal to buy back all outstanding warrants.
The SPAC has not yet revealed redemption figures and it went into the vote with its full trust that had about $303 million available. The company supplemented this with a $50 million PIPE and $50 million in convertible notes with an eye to securing the $100 million minimum cash condition with outside capital.
This funding was only to be drawn if M3-Brigade III’s trust was set to drop below $100 million and the filing noted that “all conditions to closing have been met” in one way or another. The parties planned to distribute $75 million to shareholders from these proceeds.
Greenfire also plans to refinance its 12% senior secured notes due 2025 that were a part of $170 million in existing debt Greenfire had on announcement. If Greenfire takes on more than $25 million in new debt commitments at close, then M3-Brigade III’s sponsor will forfeit 750,000 promote shares (10%) along with 2,500,000 (33%) it has already agreed to cancel.
Warrant holders meanwhile approved an agreement to exchange all 10,000,000 of M3-Brigade III’s outstanding warrants for a right to receive a $0.50 cash payment at close.
The two sides now expect to close the combination on September 27, or earlier if the refinancing is completed is completed ahead of schedule.
M3-Brigade III initially announced its $950 million deal with Greenfire in December 2022. Calgary-based Greenfire Resources is an oil sands producer focused on responsibly drawing hydrocarbons from two sites in Alberta.


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...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...