Vast Renewables announced the completion of its business combination with Nabors Energy Transition, an affiliate of Nabors Industries (NYSE: NBR). Vast is an Australia-based solar energy company.
Stock and warrants begin trading today on the Nasdaq under the ticker symbols VSTE and VSTEW.
The parties in October waived a $50 million minimum cash closing condition. Since the SPAC’s $240 million IPO in November 2021, Nabors was down to 91,366 Class A shares outstanding following the merger vote.
Vast has received funds or commitments totaling approximately $60 million of gross proceeds, according to the announcement.
Vinson & Elkins and King & Wood Mallesons acted as legal advisors to Nabors. Milbank was legal advisor to Nabors Industries. Guggenheim Securities acted as exclusive financial advisor to the SPAC. White & Case and Gilbert + Tobin were legal advisors to Vast. Read more.
