M3-Brigade Acquisition III said its sponsor deposited $1.69 million into trust, in part for the SPAC’s working capital and for stockholders in connection with a deadline extension until April 26.
There is presently about $307.3 million in the SPAC’s trust account. The sponsor intends to request additional extensions, as necessary, to complete the pending business combination with Greenfire Resources.
Calgary-based energy company Greenfire is focused on the sustainable production and development of thermal energy.
M3-Brigade has up to Oct. 26 to seal the deal. Announced in December, the post-money equity value of the combined company is expected to be $780 million — assuming approximately 67% redemptions — and $730 million, which assumes 100% redemptions. Backstops are in place. Read more.
Source: M3-Brigade Acquisition III Taps Sponsor for .7M Loan and Additional Trust Funding