In connection with the closing of the Business Combination, NETC merged with and into a wholly owned subsidiary of Vast, and NETC’s shares of Class A common stock, warrants to purchase shares of Class A common stock and units consisting of one share of Class A common stock and one-half of one redeemable warrant will cease trading on and be delisted from the New York Stock Exchange as of market open on Tuesday, December 19, 2023. Also on December 19, 2023, Vast’s ordinary shares are expected to begin trading on Nasdaq under the ticker symbol “VSTE” and its public warrants to purchase ordinary shares are also expected to begin trading on Nasdaq under the ticker symbol “VSTEW”.
“We are thrilled to complete this transaction with the NETC team and to take the next steps towards globally scaling our innovative CSP technology as a public company, while continuing to develop our growing pipeline of Australian projects,” said Craig Wood, Chief Executive Officer of Vast. “We believe that the completion of the transaction and our status as a new public company will help facilitate our ambitious growth plans to bring low-cost, zero carbon, dispatchable energy to the world.”
“Vast’s innovative and proven CSP v3.0 technology, advanced project pipeline, and the substantial potential to reduce emissions in industries that have historically been difficult to decarbonize, provide the elements for a successful business combination with NETC. Grants and other support from the Australian and German governments, along with partnerships with leading corporations, demonstrate growing support for Vast’s breakthrough solution. This transaction is a significant milestone as we advance our commitment to ‘Energy Without Compromise’,” stated Anthony G. Petrello, Chairman, President and Chief Executive Officer of NETC. “We remain very excited by the global opportunities, including the U.S. and Middle East, presented by Vast as its CSP technology is deployed and its project pipeline is developed.”
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