NEXT Renewable fuels agrees to terminate enterprise mixture with industrial tech acquisition II, inc.
NEXT Renewable Fuels, Inc. (the “Firm” or “NEXT”), a subsequent era fuels firm devoted to sustainably producing clear, low-carbon fuels at scale, introduced the Firm has entered a mutual settlement with Industrial Tech Acquisition II, Inc. (“ITAQ”) (NASDAQ:ITAQ) to terminate its beforehand introduced enterprise mixture.
Whereas this termination displays present fairness market circumstances and timing associated to ITAQ, NEXT will stay opportunistic with respect to all capital markets actions transferring ahead.
Christopher Efird, CEO of NEXT Clear Fuels, commented:
Whereas we’ve made important progress on our path in the direction of turning into public by way of the SPAC course of with ITAQ, the timeline during which ITAQ is required to consummate a merger has grow to be compressed, and through this era of hostile market circumstances we’ve agreed to terminate our proposed enterprise mixture settlement.
“Whereas this was a troublesome choice, we’ve the self-discipline and capital markets experience that permits us to make these selections. Given the place we stand right this moment, transferring ahead with this merger wouldn’t have been in the perfect pursuits of NEXT.”
“Importantly, this termination doesn’t impression our growth actions in Oregon or our intent to pursue NEXT turning into a publicly-traded entity. My overarching aim is to stay open and opportunistic find a good capital markets path for NEXT within the near-term. We thank the ITAQ crew for the partnership and assist all through this course of.”
Further info concerning the termination of the transaction settlement for the proposed enterprise mixture is supplied in a Present Report on Kind 8-Okay filed by ITAQ with the SEC. It’s out there at www.sec.gov.
About NEXT
NEXT is a subsequent era fuels firm devoted to sustainably producing clear, low-carbon fuels. The corporate’s preliminary venture is a 50,000 barrel-per-day / 750 million gallon-per-year Renewable Diesel (“RD”) / Sustainable Aviation Gasoline (“SAF”) refinery in Oregon with straightforward multi-modal entry to the West Coast demand markets.
The venture is advancing by way of allowing and expects to start development upon completion of an Environmental Affect Assertion at the moment underway with the US Military Corp of Engineers. RD and SAF are high-margin liquid transportation fuels worldwide and there’s a international demand for elevated provide. To be taught extra about NEXT, please go to www.nxtclean.com.
About Industrial Tech Acquisitions II, Inc.
ITAQ is a clean examine firm shaped for the aim of getting into right into a merger, share change, asset acquisition, inventory buy, recapitalization, reorganization or different related enterprise mixture with a number of companies or entities. ITAQ is sponsored by Texas Ventures, a number one know-how and enterprise capital agency with experience in capital markets and structured finance.
The agency offers steering, perception and capital to help entrepreneurial groups and managers who’ve the need and expertise to construct distinctive corporations. The Texas Ventures’ method is to determine rising tendencies and alternatives previous to recognition by the broader market, and to take a proactive method in working with entrepreneurs and managers who’ve the dedication to construct world-class corporations.
Highlights:
- NEXT will Stay Opportunistic with Capital Markets Actions and Confirms Intent to Grow to be a Publicly Traded Firm in 2024 ~
- Reinforces Dedication to Oregon Renewable Fuels Tasks ~
- Progress Technique, Working Plan and Venture Financing Unimpacted ~
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NEXT Renewable Fuels Agrees to Terminate Enterprise Mixture with Industrial Tech Acquisition II, Inc., November 1, 2023
