M3-Brigade Acquisition III filed an investor presentation highlighting its proposed merger with Greenfire Resources, a Calgary-based energy company focused on the sustainable production and development of thermal energy. The presentation includes an update for the revised financial outlook of the combined enterprise, if the deal is approved.
The SPAC holds almost $311 million in trust and has until July 26 to complete the transaction, although the company has one more three-month extension it can deploy to get the deal across the finish line. That would require another $1.7 million deposit into trust.
Announced in December, the post-money equity value of the combined company is expected to be $780 million — assuming approximately 67% redemptions — or $730 million, which assumes 100% redemptions. Backstops are in place. Read more.