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Benessere Capital Acquisition (NASDAQ:BENE) stock is on the move Wednesday after the special purpose acquisition company (SPAC) revealed merger plans today.
Let's jump into that news below and everything traders need to know about BENE stock.
- First off, the SPAC merger announced today will have the company taking eCombustible Energy public.
- Benessere Capital Acquisition holds $116.5 million in trust with $115 million of that coming from its initial public offering (IPO) earlier this year.
- The deal will have a newly-formed successor to Benessere issuing $805 million shares of its common stock.
- Security holders of eCombustible Energy will receive these shares once the deal closes.
- There's also an option for those holders to acquire up to 59 million additional shares.
- eCombustible Energy is a long-term fuel solution company seeking a carbon-free future.
- Benessere Capital Acquisition plans to provide more details of the deal in an upcoming 8-K filing with the U.S. Securities and Exchange Commission (SEC).
- It's also worth noting that Benessere Capital Acquisition is run by Patrick Orlando.
- He also runs Digital World Acquisition (NASDAQ:DWAC), which is the SPAC taking former President Donald Trump's social media company public.
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Jorge Arevalo, CEO of eCombustible Energy, said this about the SPAC deal.
"This business combination is intended to fuel the acceleration and adoption of eCombustible, and we are confident that we can help many of the world's largest industrial companies' transition to our carbon-free fuel and advance ESG objectives in a seamless, viable, and impactful way."
BENE stock is up 6.8% as of Wednesday morning.
There's more hot stock news to dive into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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