Flame Acquisition Shareholders Approve Business Combination With Sable Offshore
Blank-check company Flame Acquisition has received approval from its shareholders for its previously announced business combination with Sable Offshore Holdings, LLC and Sable Offshore Corp. The deal is set to be finalized on or around February 14th, with shares of the newly formed company, Sable Offshore Corp., expected to start trading on the New York Stock Exchange on February 15th, according to Flame Acquisition.
The agreement and plan of merger between the two companies were established in November 2022. As part of the merger, Sable Offshore Corp. will acquire specific offshore assets in California from ExxonMobil, as confirmed by Flame Acquisition.
Prior to the completion of the business combination, Flame will hold approximately $62.2 million in its trust account, contributing to the financial foundation of the newly formed entity.
This business merger signifies a significant milestone for Flame Acquisition and Sable Offshore Corp., as they join forces to optimize their offshore operations. The approval from Flame Acquisition shareholders demonstrates confidence in the potential success of the combined company in the competitive market.
Investors and industry experts eagerly anticipate the completion of the business combination, expecting it to pave the way for new opportunities and growth in the offshore sector.
Analyst comment
Positive news. As an analyst, it is expected that the market will react positively to the completion of the business combination between Flame Acquisition and Sable Offshore Corp. This merger is seen as a significant milestone and demonstrates confidence in the potential success of the combined company. Investors and industry experts anticipate new opportunities and growth in the offshore sector.
