Flame Stockholders Approve Merger with Sable Offshore in Special Meeting
Flame Acquisition Corp. (“Flame”), a special purpose acquisition company, has announced that its stockholders have given their approval to all proposals concerning the upcoming business combination with Sable Offshore Holdings, LLC (“Holdco”) and Sable Offshore Corp. (“Sable”). The significant vote clears the path for the anticipated merger, which is set to conclude around February 14, 2024, pending the fulfillment of closing conditions.
Following the merger, the consolidated entity will operate under the name Sable Offshore Corp. and is expected to begin trading its common stock and public warrants on the New York Stock Exchange from February 15, 2024. The ticker symbols for these securities will be “SOC” and “SOC.WS,” respectively.
Flame’s strategic move to merge with Sable is aimed at expanding its business operations in North America. In preparation for the merger, Sable and Holdco were established specifically to acquire the Santa Ynez Unit production unit and negotiate the terms of the merger.
Prior to the business combination, Flame reported a strong financial position with approximately $62.2 million sitting in its trust account. This figure comes after the deadline for Flame stockholders to elect the redemption of their common stock had passed.
Analyst comment
Positive news. The merger approval paves the way for the consolidation of Flame and Sable, allowing the newly formed entity to expand its operations in North America. With a strong financial position and the acquisition of the Santa Ynez Unit, the market expects positive results.
