Focus Impact BH3 Acquisition in a regulatory fiuling said it issued a convertible note for $500,000 to its sponsor. The full amount can be converted into warrants at $1.50 each.
The SPAC in December said it had 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. There have been no further announcements about that potential deal.
The target controls multiple plants in North America that will produce renewable diesel, sustainable aviation fuel, and other biofuels.
Focus Impact last 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.
