Rice Acquisition II in an 8-K said shareholders yesterday approved merging with NET Power.
NET Power stock and warrants are expected to begin trading tomorrow on the New York Stock Exchange under the symbols NPWR and NPWR WS.
Holders of 21,195,224 shares, or approximately 61%, opted to redeem, according to the 8-K.
The transaction is expected to raise about $670 million in gross proceeds through a combination of an approximately $540 million fully committed PIPE and $130 million of cash remaining in the Rice II trust.
The SPAC said before the vote that the cash in trust took into account the assumption of approximately 60% in preliminary redemption elections.
Based in Durham, NC, NET Power has developed a technology that delivers clean, reliable, and low-cost power from natural gas. Read more.
