Benessere Capital Acquisition said it has extended the shareholder redemption until 5 p.m. today ahead of tomorrow’s shareholder vote on whether to extend the SPAC’s business combination deadline until Jan.7.
The vote on the merger deadline extension is scheduled for noon tomorrow, Eastern Time. Stockholders of record at the close of business on June 3 are entitled to vote.
The SPAC said an extension would help it complete the proposed merger transaction with eCombustible, a provider of customizable hydrogen-based fuel for thermal industrial applications.
The deal is valued at $805 million. If approved eCombustible Energy would list on the Nasdaq under ECEC. Benessere raised $115 million in its IPO earlier this year, and approximately $116.5 million is now held in trust.
Terms of the transaction call for a newly-formed successor to Benessere to issue shares with an aggregate value of $805 million, subject to adjustment, to current securityholders of eCombustible Energy. These eCombustible securityholders may also receive up to an additional 59 million shares of Benessere common stock based on the daily volume weighted average share price of the combined company’s common stock in any 20 trading days within a 30 trading-day period beginning on the closing of the transaction and ending on the 30-month anniversary of the closing, subject to certain price milestones.
Benessere CEO Patrick Orlando also leads Digital World Acquisition, the SPAC that plans to merge with Donald Trump’s fledgling media company. Read more.
