~ NEXT will Remain Opportunistic with Capital Markets Activities ~
~ Reinforces Commitment to Oregon Renewable Fuels Projects ~
~ Growth Strategy, Operating Plan and Project Financing Unimpacted ~
NEXT Renewable Fuels, Inc. (the “Company” or “NEXT”), a next generation fuels company dedicated to sustainably producing clean, low-carbon fuels at scale, announced the Company has entered a mutual agreement with Industrial Tech Acquisition II, Inc. (“ITAQ”) to terminate its previously announced business combination. While this termination reflects current equity market conditions and timing related to ITAQ, NEXT will remain opportunistic with respect to all capital markets activities moving forward.
CEO of NEXT, Christopher Efird commented, “While we have made significant progress on our path towards becoming public through the SPAC process with ITAQ, the timeline in which ITAQ is required to consummate a merger has become compressed, and during this period of adverse market conditions we have agreed to terminate our proposed business combination agreement. While this was a difficult decision, we have the discipline and capital markets expertise that enables us to make these decisions. Given where we stand today, moving forward with this merger would not have been in the best interests of NEXT. Importantly, this termination does not impact our development activities in Oregon or our intent to pursue creative financing opportunities. My overarching goal is to remain open and opportunistic in finding a favorable capital markets path for NEXT in the near-term. We thank the ITAQ team for the partnership and support throughout this process.”
