CENAQ in an 8-K said it has completed its merger with Bluescape Clean Energy and raised another $24 million in PIPE funding.
The new PIPE Investors include Cottonmouth Ventures, a wholly-owned subsidiary of Diamondback Energy and an unnamed European-based clean technology fund.
Stockholder redemptions wiped out nearly $159 million from the SPAC’s trust ahead of the merger vote. The combined company is now expected to receive the remaining funds from the trust along with $32 million from the original PIPE and the new PIPE, for aggregate proceeds of approximately $51 million, prior to transaction expenses.
The SPAC raised $172.5 million in an August 2021 IPO. Read more.
