IX Net Zero-linked Enphys looks to extend combination deadline

by | Aug 25, 2023

(Sharecast News) – Energy transition investor IX Net Zero announced on Friday that its associate company, Enphys Acquisition Corporation, has taken preliminary steps to extend its deadline for initiating a business combination.
The AIM-traded firm said that according to a recently filed proxy statement, Enphys wanted to move its deadline from 8 October this year, to 8 July next year.

It said the proposal was currently under review, and would need approval from Enphys shareholders.

Additionally, it said Enphys had expressed an interest in a business collaboration with a prominent advanced biofuels company based in Latin America.

Though the details about this Latin American company were not disclosed, both parties had exchanged a non-binding letter of intent regarding a potential business combination.

IX Net Zero holds a 30% stake in Enphys Management Company, which directly owns a share in Enphys Acquisition Sponsor, which is the sponsoring entity behind Enphys Acquisition Corporation.

The company did note that while both Enphys and the target were in preliminary negotiation phases, there was no certainty that they would reach a definitive agreement on a combination.

Such a potential agreement would need approvals from the boards and equity holders of both organisations.

“We believe that Enphys has significant growth potential and we are supporting the company as it looks to establish itself as a leading biofuels operator in the alternative energy sector in Latin America,” said chief executive officer Pär Lindström.

At 0800 BST, shares in IX Net Zero were down 3.57% at 27p.

Reporting by Josh White for Sharecast.com.

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