By Rob Curran
Industrial Tech Acquisitions II and biodiesel refiner NEXT Renewable Fuels terminated their merger agreement, citing market conditions, the latest special-purpose acquisition deal partners to get cold feet on approach to the altar.
The dissolved merger was intended to launch NEXT Renewable on public markets by folding it into blank-check company Industrial Tech.
NEXT Renewable is developing a facility to refine renewable diesel and sustainable jet fuel from organic waste and other sources in Port Westward, Ore., targeting a capacity of 750 million gallons per year. NEXT Renewable said the termination of the SPAC deal would not affect its development activities or its plan to launch on public markets.
Industrial Tech Acquisitions II will return about $11 per share to its holders after payment of dissolution expenses amounting to roughly $50,000. Shares of Industrial Tech closed Tuesday at $10.76.
The termination of the Industrial Tech-NEXT combination follows the failure of a high-profile SPAC deal intended to launch mini nuclear-reactor company X-Energy Reactor. Ares Acquisition and X-energy called off their $1.8 billion merger deal, also partly citing challenging market conditions.
Write to Rob Curran at rob.curran@wsj.com
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