Houston-based NEXT Renewable Fuels and Industrial Tech Acquisitions II today announced a merger agreement at an implied post-money pro forma enterprise value of approximately $530 million.
The target is a next-generation fuels company dedicated to sustainably producing clean, low-carbon fuels from organic feedstock.
If approved, NXTCLEAN Fuels would trade on the Nasdaq.
The combined company is expected to have an equity value of approximately $666 million at closing, assuming no redemptions.
The transaction is expected to deliver up to approximately $176 million of cash held in ITAQ’s trust account. There is a $50 million minimum cash condition for the deal to close.
The SPAC has retained England & Company for a private capital raise, if necessary. Read more.
