SPAC CENAQ Energy ( NASDAQ: CENQ ) plans to merge with renewable fuels developer Bluescape Clean Fuels and has extended its deadline to complete an initial business combination from Aug. 17 to Nov. 16.
The combined company, which will be called Verde Clean Fuels, will have a pro forma enterprise value of $280M and an implied market capitalization of around $500M, assuming no redemptions, according to CENAQ.
CENAQ expects the deal to close during the Q1 2023. It said that it will be able to extend its deadline for completing a business combination to Feb. 16 if its sponsor deposits $1.73M in the SPAC’s trust fund for stockholders.
Verde Clean Fuels shares are expected to trade on Nasdaq under the symbol VGAS after the closing.
Bluescape has been focusing on producing gasoline from renewable feedstocks such as landfill waste. The company is developing its first production facility at a landfill owned by Waste Management in Maricopa, Arizona, and has similar facilities planned for locations throughout the country.
CENAQ held its initial public offering on Aug. 13, 2021, raising $150M.
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SPAC CENAQ Energy to combine with Bluescape Clean Fuels, extends merger deadline