Benessere Capital Acquisition Shares Rise 6% After Merger Deal

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by Chris Wack

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Shares of Benesare Capital Acquisition Corp. rose 6% to $10.79 after the company said it has entered into an agreement to take eCombustible Energy LLC public.

Volume for the stock was 11.3 million shares at 12:30 p.m. ET, compared to its 65-day average volume of 2.3 million shares. The stock hit its 52-week high of $18.90 on October 22, and traded as high as $14.27 on Wednesday.

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The combined company’s eCombustible Energy Corp. It is expected to operate under the name and be listed on Nasdaq Capital Markets under the ticker symbol ECEC.

The blanc-check company said it holds $116.5 million in a trust account for the benefit of public shareholders of Benesere. Benesare will issue shares of its common stock with a total value of $805 million to existing securities holders of eCombustible Energy upon closure.

The transaction is subject to the approval of Benesare and E-Combustible Energy stakeholders and other customary closing conditions including applicable regulatory approvals.

Write to Chris Wack at [email protected]

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