The Week In SPAC News: Benessere Capital To Merge With ECombustible Energy

In SPAC news this week, Benessere Capital Acquisition and eCombustible Energy announced that the companies have entered into a definitive business combination agreement.

Benessere Capital Acquisition, eCombustible Merger 

Benessere Capital Acquisition (BENE) and eCombustible Energy announced that the companies have entered into a definitive business combination agreement, providing for a business combination that will result in eCombustible Energy becoming a public listed company, subject to regulatory and stockholder approval and other customary closing conditions.

Upon completion of the proposed transaction, the combined company is expected to operate under the name eCombustible Energy Corp. and list on Nasdaq Capital Market under the ticker symbol 'ECEC.' Under the terms of the proposed transaction, a newly formed successor to Benessere will issue shares of its common stock with an aggregate value of $805 million, which is subject to adjustment, to current security holders of eCombustible Energy upon the closing of the proposed transaction.

These eCombustible Energy security holders may also receive, subject to the terms of the business combination agreement, up to an additional 59 million shares of Benessere common stock based on the daily volume weighted average share price of the combined company's common stock in any 20 trading days within a 30 trading day period beginning on the closing of the transaction and ending on the 30-month anniversary of the closing, as follows: 29.5 million shares if the share price exceeds $12.50 prior to such 30-month anniversary and an additional 29.5 million shares if the share price exceeds $15.00 prior to such 30-month anniversary.

The transaction is subject to approval by stakeholders of Benessere and eCombustible Energy and other customary closing conditions, including applicable regulatory approvals.

Griid Talks

Bitcoin (BITCOMP) miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, Bloomberg's Gillian Tan reported, citing people familiar with the matter. A transaction with the blank-check firm, Adit EdTech Acquisition Corp. (ADEX), would value the combined entity at more than $3 billion, one of the people said.

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Adam Reynolds 1 month ago Member's comment

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