CENAQ energy in a regulatory filing disclosed that its pipe partner, Arb Clean Fuels Management, has managed thus far to raise $30 million of a $70 million financing commitment in support of the SPAC's merger with Bluescape Clean Fuels.
“If Arb does not fund its full commitment in accordance with the terms of its Subscription Agreement, we may not be able to satisfy the closing condition of having gross proceeds from the PIPE Financing of not less than $80,000,000 in order to consummate the business combination,” the SPAC said in the filing.
The proposed business combination with Bluescape has a pro forma equity value of approximately $500 million, assuming no redemptions and including the $80 million PIPE disclosed at deal announcement last August.
CENAQ said in the filing that Arb continues working to raise the funding. Read more.