Verde Clean Fuels Shares Rise After $50 Million Equity Investment by Cottonmouth Ventures

Dow Jones12-19

By Chris Wack

Verde Clean Fuels shares were up 13% to $4.22 in premarket trading after Cottonmouth Ventures, a wholly owned subsidiary of Diamondback Energy, agreed to make a $50 million equity investment into Verde.

The investment consists of the purchase of 12.5 million shares of Verde's class A stock at $4 a share.

Upon closing, the investment would be the second investment by Cottonmouth in Verde over the past two years, for a total investment of $70 million. Cottonmouth would become the second largest shareholder of Verde.

Proceeds from the investment are expected to be used to further the development and construction of potential natural gas-to-gasoline production plants in the Permian Basin and for other general corporate purposes.

Verde is expected to expand its board of directors to eight members and appoint a new director to be designated by Cottonmouth. Cottonmouth will also be entitled to appoint an observer to Verde's board.

Closing of the investment is expected during the first quarter of 2025, subject to satisfaction of customary closing conditions.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 19, 2024 07:48 ET (12:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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