Nabors Energy Transition in an 8-K today announced that shareholders voted to merge with Australia-based renewable energy company Vast Solar. Nearly 13 millions shares were voted in favor of the deal with slightly less than 648,000 against.
The SPAC said 9,762,392 shares were redeemed ahead of the vote. This would have left 88,249 shares, although redemption reversals received after the deadline left 91,366 Class A shares outstanding — excluding 633,250 shares acquired by a strategic investor. Nabors Energy said it may consider additional requests to reverse redemption elections prior to the deal closing.
The SPAC earlier this week said Capital Airport Group (CGA) committed to invest an additional $2 million in Vast. 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 shares and whose redemption election would be reversed will count toward satisfying CAG’s capital commitments. As part of that agrement, CAG will receive an additional 129,911 ordinary shares of Vast at the closing of the business combination.
The parties in October waived a $50 million minimum cash closing condition.
Nabors has until March 2024 to close the acquisition.
Assuming all closing conditions are satified, the merged company’s shares and warrants are expected to trade on the Nasdaq under the symbols VSTE and VSTEW. Read more.
