M3-Brigade Acquisition III in an 8-K said shareholders voted in favor of merging with Greenfire Resources, a Calgary-based energy company focused on the sustainable production and development of thermal energy.
All transaction conditions have been met, the SPAC said, and the deal is expected to close by Sept. 27. One of those conditions was a $100 million cash minimum to seal the deal.
M3-Brigade III’s warrant holders approved a buyback plan to acquire all warrants at 50 cents each. Participants in an investor support agreement owning a majority of the outstanding warrants had already agreed to the proposal ahead of the formal vote.
Announced in December, the post-money equity value of the combined company is expected to be $780 million — a figure based on the SPAC’s assumption of approximately 67% redemptions — or $730 million, which assumes 100% redemptions. Backstops are in place.
M-3 Brigade III went into the vote with more than $300 million in trust. The SPAC has not disclosed redemptions, if any. Read more.
