Regalwood Global Energy (RWGE) Announces Liquidation

liquidation

Regalwood Global Energy (RWGE) Announces Liquidation

Regalwood Global Energy Ltd. (RWGE), announced this afternoon that it will be redeeming all of its outstanding Class A ordinary shares, effective as of December 16, 2019. Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.37.

The Company anticipates that the Class A Shares will cease trading as of the open of business on December 16, 2019, and the Class A Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

Regalwood, which raised $300 million at their IPO on November 30, 2017, is the fourth SPAC to liquidate this year and the third energy-focused SPAC to do so, following Vantage Energy ($552 million) and Sentinel Energy ($345 million).  That’s nearly $1.2 billion in failed energy deals alone.  Saban Capital is the fourth 2019 liquidated SPAC at $250 million.

It’s been a tough year for the energy sector in general, SPACs or otherwise, but it’s a disappointing announcement nonetheless.  We still have four more SPACs with an energy-focus searching for targets – HL Acquisitions (HCCH), Trident (TDAC), Tortoise (SHLL) and the recent Alussa Energy (ALUS) – so let’s see if they can change things around.

 

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