- Combination accelerates Crown LNG's mission to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions.
- Crown LNG Holdings Limited shares and warrants to begin trading on the Nasdaq on July 9, 2024 under ticker "CGBS" and "CGBSW," respectively.
OSLO, NORWAY, July 09, 2024 (GLOBE NEWSWIRE) -- Crown LNG Holding AS ("Crown" or "Crown LNG"), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced that it has completed its previously announced business combination (the "Business Combination") with Catcha Investment Corp ("Catcha").
The transaction was unanimously approved by Catcha's board of directors and was approved at an extraordinary general meeting of Catcha shareholders on June 12, 2024.
The combined entity will be renamed Crown LNG Holdings Limited ("PubCo" or the "Company") and, commencing on July 9, 2024, the Class A ordinary shares and warrants of PubCo will trade on the Nasdaq under the new ticker symbols "CGBS" and "CGBSW," respectively.
Company Background
Founded with a vision to secure stable energy supplies to growth markets exposed to harsh weather conditions, Crown LNG designs and plans to own and operate offshore LNG terminals in locations where onshore facilities are not feasible for reasons such as environmental impact, access for LNG carriers and cost – or where offshore floating terminals are not a preferred solution due to lower availability than a fixed installation such as the gravity based structure ("GBS") Crown offers.
Crown is active in the two critical parts of the LNG value chain: (1) liquefaction, where natural gas from producers is supercooled to a liquid for transport by ship as LNG, and (2) regasification, where the LNG is turned back into gas and delivered to consumers and businesses as natural gas. With expertise in both areas, Crown has the potential to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions. In doing so, the Company aims to expand the global market for LNG (particularly LNG supplied from the U.S.) and contribute to lower carbon emissions in markets it serves by replacing coal with LNG. Crown's bottom-fixed, gravity based structure design also is expected to ensure lower cost and a reduced environmental footprint versus a comparable land-based LNG terminal alternative.
Currently, Crown is advancing development of two projects toward final investment decision – Kakinada, on the east coast of India, and Grangemouth, in Scotland.
Management Commentary
Swapan Kataria, CEO of Crown LNG, stated, "We are incredibly proud to complete this transaction and become a ...