In a major move, Flame Acquisition announced that its shareholders have approved the previously announced business combination among Flame, Sable Offshore Holdings, LLC, and Sable Offshore Corp. The deal is expected to close on or about Feb. 14. Shares of the combined company, Sable Offshore Corp., are expected to begin trading on the New York Stock Exchange on Feb. 15.
The companies entered into their agreement and plan of merger in November 2022. As part of the deal, Sable Offshore Corp. has agreed to acquire certain offshore California assets from ExxonMobil, Flame Acquisition said Monday. Prior to the business combination, Flame will have about $62.2 million in its trust account.
Flame Acquisition CEO John Doe expressed his excitement about the partnership with Sable Offshore Holdings and Sable Offshore Corp., saying “We believe this partnership will be a great opportunity for our company and our shareholders.”