SPAC CENAQ Power to mix with Bluescape Clear Fuels, extends merger deadline


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SPAC CENAQ Power (NASDAQ:CENQ) plans to merge with renewable fuels developer Bluescape Clear Fuels and has prolonged its deadline to finish an preliminary enterprise mixture from Aug. 17 to Nov. 16.

The mixed firm, which can be known as Verde Clear Fuels, may have a professional forma enterprise worth of $280M and an implied market capitalization of round $500M, assuming no redemptions, in response to CENAQ.

CENAQ expects the deal to shut throughout the Q1 2023. It stated that it will likely be capable of lengthen its deadline for finishing a enterprise mixture to Feb. 16 if its sponsor deposits $1.73M within the SPAC’s belief fund for stockholders.

Verde Clear Fuels shares are anticipated to commerce on Nasdaq underneath the image VGAS after the closing.

Bluescape has been specializing in producing gasoline from renewable feedstocks corresponding to landfill waste. The corporate is creating its first manufacturing facility at a landfill owned by Waste Administration in Maricopa, Arizona, and has comparable services deliberate for places all through the nation.

CENAQ held its preliminary public providing on Aug. 13, 2021, elevating $150M.

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zimmytws SPAC CENAQ Power (NASDAQ:CENQ) plans to merge with renewable fuels developer Bluescape Clear Fuels and has prolonged its deadline to finish an preliminary enterprise mixture from Aug. 17 to Nov. 16. The mixed firm, which can be known as Verde Clear Fuels, may have a professional forma enterprise worth of $280M and an implied…