Nabors Energy Transition in an 8-K said Capital Airport Group (CGA) committed to invest an additional $2 million in the SPAC’s merger partner Vast Renewable Limited. This is in addition to CAG’s previously announced $5 commitment. CAG and Vast agreed that CAG’s purchase of Nabors Energy Transition shares from existing NETC stockholders who previously elected to redeem their shares in connection with the business combination and whose redemption election would be reversed will count toward satisfying CAG’s capital commitments.
In connection with the investment, CAG will receive an additional 129,911 ordinary shares of Vast at the closing of the business combination.
Nabors shareholders earlier this month 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.
As announced in February, the deal wih Australia-based Vast Solar 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.
