M3-Brigade Acquisition III deployed the third of four extensions with the sponsor's deposit of $1,696,500 into trust. The SPAC now has until July 26 to close its deal with Greenfire Resources, a Calgary-based energy company focused on the sustainable production and development of thermal energy.
As of today, the SPAC holds almost $311 million in trust. M3-Brigade III 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.