NEXT Renewable fuels agrees to terminate business combination with industrial tech acquisition II, inc.
NEXT Renewable Fuels, Inc. (the “Company” or “NEXT”), a next generation fuels company dedicated to sustainably producing clean, low-carbon fuels at scale, announced the Company has entered a mutual agreement with Industrial Tech Acquisition II, Inc. (“ITAQ”) (NASDAQ:ITAQ) to terminate its previously announced business combination.
While this termination reflects current equity market conditions and timing related to ITAQ, NEXT will remain opportunistic with respect to all capital markets activities moving forward.
Christopher Efird, CEO of NEXT Clean Fuels, commented:
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While we have made significant progress on our path towards becoming public through the SPAC process with ITAQ, the timeline in which ITAQ is required to consummate a merger has become compressed, and during this period of adverse market conditions we have agreed to terminate our proposed business combination agreement.
“While this was a difficult decision, we have the discipline and capital markets expertise that enables us to make these decisions. Given where we stand today, moving forward with this merger would not have been in the best interests of NEXT.”
“Importantly, this termination does not impact our development activities in Oregon or our intent to pursue NEXT becoming a publicly-traded entity. My overarching goal is to remain open and opportunistic in finding a favorable capital markets path for NEXT in the near-term. We thank the ITAQ team for the partnership and support throughout this process.”
Additional information regarding the termination of the transaction agreement for the proposed business combination is provided in a Current Report on Form 8-K filed by ITAQ with the SEC. It is available at www.sec.gov.
About NEXT
NEXT is a next generation fuels company dedicated to sustainably producing clean, low-carbon fuels. The company’s initial project is a 50,000 barrel-per-day / 750 million gallon-per-year Renewable Diesel (“RD”) / Sustainable Aviation Fuel (“SAF”) refinery in Oregon with easy multi-modal access to the West Coast demand markets.
The project is advancing through permitting and expects to begin construction upon completion of an Environmental Impact Statement currently underway with the US Army Corp of Engineers. RD and SAF are high-margin liquid transportation fuels worldwide and there is a global demand for increased supply. To learn more about NEXT, please visit www.nxtclean.com.
About Industrial Tech Acquisitions II, Inc.
ITAQ is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. ITAQ is sponsored by Texas Ventures, a leading technology and venture capital firm with expertise in capital markets and structured finance.
The firm provides guidance, insight and capital to assist entrepreneurial teams and managers who have the desire and talent to build exceptional companies. The Texas Ventures’ approach is to identify emerging trends and opportunities prior to recognition by the broader marketplace, and to take a proactive approach in working with entrepreneurs and managers who have the determination to build world-class companies.
Highlights:
- NEXT will Remain Opportunistic with Capital Markets Activities and Confirms Intent to Become a Publicly Traded Company in 2024 ~
- Reinforces Commitment to Oregon Renewable Fuels Projects ~
- Growth Strategy, Operating Plan and Project Financing Unimpacted ~
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NEXT Renewable Fuels Agrees to Terminate Business Combination with Industrial Tech Acquisition II, Inc., November 1, 2023
