Regalwood Global Energy (RWGE) Announces Liquidation

Regalwood Global Energy Ltd. (RWGE), announced this afternoon that it will be redeeming all of its outstanding Class A ordinary shares, effective as of December 16, 2019. Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.37.

The Company anticipates that the Class A Shares will cease trading as of the open of business on December 16, 2019, and the Class A Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

Regalwood, which raised $300 million at their IPO on November 30, 2017, is the fourth SPAC to liquidate this year and the third energy-focused SPAC to do so, following Vantage Energy ($552 million) and Sentinel Energy ($345 million).  That’s nearly $1.2 billion in failed energy deals alone.  Saban Capital is the fourth 2019 liquidated SPAC at $250 million.

It’s been a tough year for the energy sector in general, SPACs or otherwise, but it’s a disappointing announcement nonetheless.  We still have four more SPACs with an energy-focus searching for targets – HL Acquisitions (HCCH), Trident (TDAC), Tortoise (SHLL) and the recent Alussa Energy (ALUS) – so let’s see if they can change things around.