Nabors Energy Transition in an 8-K said shareholders approved extending the SPAC’s deadline up to 28 months post-IPO, which will be March 2024. The SPAC raised $240 million in November 2021.
Redemptions totalling 4,374,198 shares erased approximately $48.1 million ($10.99 per share), or about 26% of the 16,750,641 shares outstanding prior to the vote.
The SPAC has a merger agreement in place with Australia-based Vast Solar.
As announced in February, the deal carried an implied pro forma equity value between $305 million and $586 million, depending on final redemption figures.
Vast’s proprietary CSP v3.0 technology has received support from the Australian Renewable Energy Agency (ARENA), which approved up to AUD $65 million in grant funding to support the construction of Vast Solar 1 (VS1), a 30MW CSP plant with 288 MWh of thermal storage in Port Augusta, South Australia. Read more.
