HOUSTON - Flame Acquisition Corp. ("Flame") has announced that its stockholders approved all proposals related to its upcoming business combination with Sable Offshore Holdings, LLC ("Holdco") and Sable Offshore Corp. ("Sable"), in a special meeting held today. The approval paves the way for the merger, which is anticipated to close around February 14, 2024, subject to the satisfaction of closing conditions.
Post-merger, the newly combined entity will operate under the name Sable Offshore Corp. and is expected to list its common stock and public warrants on the New York Stock Exchange with ticker symbols "SOC" and "SOC.WS," respectively, starting from February 15, 2024.
Flame, a special purpose acquisition company, has been eyeing a merger to expand its business operations in North America. Sable and Holdco were created to facilitate the acquisition of a production unit known as the Santa Ynez Unit and to negotiate the terms of the merger.
Prior to the business combination, Flame reported that it would have approximately $62.2 million in its trust account. This financial position comes after the deadline for stockholders to elect redemptions of Flame common stock had passed.
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