NET Power and rice acquisition ii today announced that they expect to close their business combination June 8, assuming the SPAC's shareholders approve the deal tomorrow.
If the deal closes, NET Power stock is expected to start trading June 9 on the New York Stock Exchange under the ticker symbol NPWR.
The transaction is expected to raise at least $670 million in gross proceeds through a combination of an approximately $540 million fully committed pipe and at least $130 million of cash held in the Rice II trust. The cash held in trust accounts for a maximum of approximately 60% in preliminary redemption elections and assumes no redemption requests are withdrawn. Redemption requests may be withdrawn until tomorrow at 11 a.m., the SPAC said. Read more.