Nabors Energy Transition announced that its stockholders approved an extension, allowing the company’s board without another stockholder vote to push the deadline back up to seven months. This will allow the SPAC more time to close its proposed acquisition of Vast Solar, a renewable energy company specializing in concentrated solar power energy systems.
Announced in February, the deal has an implied pro forma equity value between $305 million and $586 million depending on redemptions.
The Nabors Energy sponsor will deposit $295,519.23 for each monthly extension into the SPAC’s trust account.
No word on redemptions, if any, ahead of the extension vote.
Nabors Energy Transition raised $240 million in a November 2021 IPO. Read more.
