Focus Impact BH3 Acquisition (NASDAQ: BHAC) today announced that it has entered into a letter of intent with XCF Global Capital, a New York-based producer of sustainable fuels. The transaction values XCF at $1.75 billion.
The target controls multiple plants in North America that will produce renewable diesel, sustainable aviation fuel, and other biofuels.
Cohen & Company Capital Markets acted as exclusive financial advisor and exclusive capital markets advisor to XCF.
Focus Impact in September acquired the sponsor stake in Crixus BH3 Acquisition for $16,288.27. The sale included 3,746,303 shares of Class B stock and nearly 4.2 million private placement warrants.
Crixus BH3 raised $200 million in an October 2021 IPO. Read more.
