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Nabors Energy Transition Corp. II (NETD0.00%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report outlines that Nabors Energy Transition Corp. II is a blank check company, incorporated on April 12, 2023, with no operations or revenues to date. The company is focused on effecting a business combination within the energy transition sector.
The company completed its Initial Public Offering on July 18, 2023, raising $305 million by issuing 30,500,000 units at $10 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable public warrant.
Simultaneously with the IPO, Nabors Energy Transition Corp. II completed a private placement of 9,540,000 warrants, generating $9.5 million in proceeds. Additionally, the sponsor provided overfunding loans totaling $3,050,000.
As of December 31, 2024, the company held $331.8 million in its trust account, with the funds intended for use in completing a business combination.
The company has entered into a business combination agreement with e2Companies LLC, with the transaction subject to shareholder approval and other customary closing conditions.
Nabors Energy Transition Corp. II reported a net income of $11.95 million for the year ended December 31, 2024, primarily due to interest income from investments held in the trust account.
The company has a deadline of July 18, 2025, to complete a business combination, failing which it will cease operations and liquidate.
The company acknowledges the risks involved with the business combination process, including regulatory approvals and potential inability to complete the transaction within the prescribed timeframe.
The filing also details various agreements related to the proposed business combination, including a support agreement, sponsor letter, and corporate services agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nabors Energy Transition Corp. II annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.