Industrial Tech Acquisitions II in a proxy filing called an April 10 meeting for shareholders to vote on extension proposal that would give the SPAC until December to close its pending deal with NEXT Renewable Fuels.
The target is a next-generation fuels company dedicated to sustainably producing clean, low-carbon fuels from organic feedstock.
As announced in November, 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 the SPAC’s trust account. There is a $50 million minimum cash condition for the deal to close. Industrial Tech II has also said it may raise additional funding via a PIPE, if necessary. Read more.
