Nabors Energy Transition Corp. (NETC) Shareholders Approve Vast Deal

Nabors Energy Transition Corp. (NYSE:NETC) announced this afternoon that its shareholders approved its business combination with solar power producer Vast during a special meeting held on December 13.

At the meeting, there were 13,637,434 shares present, representing approximately 81.41% of the total outstanding shares of the company’s common stock.

During the special meeting, shareholders holding 9,762,392 NETC Class A common stock shares, opted to redeem their shares. Initially, this would have left the SPAC with 88,249 shares of Class A common stock.

However, following the allowance of specific redemption elections and addressing requests for reversals made after the deadline, there are 91,366 shares of Class A common stock remaining, excluding 633,250 shares acquired by a strategic investor. The SPAC is now left with a little over $1 million in its trust, post-vote.

Prior to the closing of the combination, Nabors Energy Transition may consider requests from stockholders to reverse redemption elections.

The closing, however, hinges on several conditions yet to be satisfied or waived. One such condition states that Vast will have at least $50 million in cash available at closing. Once these criteria are met or waived, then the parties will be able to close the deal.

Following the consummation of the combination, the ordinary shares and warrants of Vast are expected to trade on the Nasdaq under the symbols “VSTE” and “VSTEW,” respectively.

Nabors Energy Transition initially announced its $250 million combination with Vast in February. Sydney-based Vast has developed technology to generate renewable energy via concentrated solar power (CSR) plants with multiple projects in its pipeline in Australia.