Black Mountain raised $240 million in an October 2021 IPO to focus on the energy value chain, although the trust now stands at about $52.6 million, according to the proxy filed last month. It has not yet announced a deal.
A group of investors led by Ceres and Parallel have committed to participate in an over-subscribed PIPE of $225 million. The combined copany is expected to have $430 million in cash at closing.