Rice Acquisition Corp. Announces Stockholder Approval of Business Combination with Aria Energy and Archaea Energy
September 09 2021 - 4:15PM
Business Wire
Closing Expected September 15, 2021
Rice Acquisition Corp. (NYSE: RICE) (“RAC”), a special
purpose acquisition company focused on the energy transition
sector, today announced that its stockholders approved all
proposals related to the proposed business combination (the
“Business Combination”) with Aria Energy LLC (“Aria”) and Archaea
Energy LLC (“Archaea LLC”), which will create the industry-leading
renewable natural gas (“RNG”) platform, at a special meeting of
stockholders held earlier today. In addition, RAC’s stockholders
have expressed strong support for the Business Combination, with
stockholders electing to redeem less than 0.2% of RAC’s outstanding
shares of Class A common stock.
The Business Combination is expected to close on or about
September 15, 2021. Upon the closing of the Business Combination,
the combined company will be named Archaea Energy Inc. (the
“Combined Company”). The parties expect that the Combined Company’s
Class A common stock and warrants will be listed on the New York
Stock Exchange under the ticker symbol “LFG” and “LFG WS,”
respectively.
About Rice Acquisition Corp.
Rice Acquisition Corp. is led by former executives of Rice
Energy and EQT, the largest natural gas producer in the U.S. We
intend to leverage our expertise building industry-leading energy
production companies to develop the world’s clean energy
supply.
About Aria Energy LLC
Aria Energy LLC and its subsidiaries provide baseload renewable
energy to utilities and other customers across the U.S. Aria is a
market leader in the North American landfill gas-to-renewable
energy sector, having developed or constructed more than 50
projects over the last 30 years. Aria owns and/or operates a
diversified portfolio of 25 energy projects across 13 states,
collectively representing 24,880 MMBtu/day of RNG and 115.7 MW of
electric capacity. Aria produces and supplies approximately 38
million gallons of RNG annually to fueling stations across the
United States. Aria is led by seasoned industry veterans and has
over 90 highly skilled operating personnel across the U.S. with a
strong safety and environmental track record.
About Archaea Energy LLC
Archaea Energy LLC is an emerging leader in developing renewable
natural gas from high-carbon emission processes and industries by
capturing recurring emissions from food waste, wastewater,
agricultural waste and landfill gas. Archaea LLC builds, operates
and manages RNG projects throughout the entire energy life cycle
and offers off-take partners the opportunity to purchase RNG from
its portfolio of projects under long-term agreements. Archaea LLC
delivers pipeline-quality RNG from coast to coast using existing
natural gas infrastructure.
Forward Looking Statements
This press release includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as “may,”
“might,” “will,” “would,” “could,” “should,” “forecast,” “intend,”
“seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions,
although not all forward looking statements contain such
identifying words. All statements other than historical facts are
forward looking statements. Such statements include, but are not
limited to, statements concerning the closing of the Business
Combination and earnings, performance, strategies, prospects and
other aspects of the businesses of RAC, Aria, Archaea LLC and the
Combined Company. Forward looking statements are based on current
expectations, estimates, projections, targets, opinions and/or
beliefs of RAC, Aria and/or Archaea LLC, and such statements
involve known and unknown risks, uncertainties and other
factors.
The risks and uncertainties that could cause those actual
results to differ materially from those expressed or implied by
these forward looking statements include, but are not limited to:
(a) the occurrence of any event, change or other circumstances that
could give rise to the termination of the proposed Business
Combination and any transactions contemplated thereby; (b) the
ability to complete the transactions contemplated by the proposed
Business Combination due to the failure to satisfy closing
conditions; (c) the ability to meet the New York Stock Exchange's
listing standards following the consummation of the transactions
contemplated by the proposed Business Combination; (d) the risk
that the proposed transactions disrupt current plans and operations
of Aria, Archaea LLC or their subsidiaries as a result of the
announcement and consummation of the proposed Business Combination;
(e) the ability to recognize the anticipated benefits of the
proposed Business Combination, which may be affected by, among
other things, competition, the ability of the Combined Company to
grow and manage growth profitably and retain its management and key
employees; (f) costs related to the proposed Business Combination
and related transactions; (g) the possibility that Aria, Archaea
LLC or the Combined Company may be adversely affected by other
economic, business and/or competitive factors; (h) the Combined
Company’s ability to develop and operate new projects; (i) the
reduction or elimination of government economic incentives to the
renewable energy market; (j) delays in acquisition, financing,
construction and development of new projects; (k) the length of
development cycles for new projects, including the design and
construction processes for the Combined Company’s projects; (l) the
Combined Company’s ability to identify suitable locations for new
projects; (m) the Combined Company’s dependence on landfill
operators; (n) existing regulations and changes to regulations and
policies that effect the Combined Company’s operations; (o) decline
in public acceptance and support of renewable energy development
and projects; (p) demand for renewable energy not being sustained;
(q) impacts of climate change, changing weather patterns and
conditions, and natural disasters; (r) the ability to secure
necessary governmental and regulatory approvals; and (s) other
risks and uncertainties indicated in RAC’s definitive proxy
statement relating to the Business Combinations, which was filed
with the Securities and Exchange Commission (the “SEC”) on August
12, 2021 (the “definitive proxy statement”), including those under
"Risk Factors" therein, and other documents filed or to be filed
with the SEC by RAC.
The foregoing list of factors is not exclusive. You should not
place undue reliance upon any forward looking statements, which
speak only as of the date made. RAC, Aria, Archaea LLC and the
Combined Company do not undertake or accept any obligation or
undertaking to update or revise the forward looking statements set
forth herein, whether as a result of new information, future events
or otherwise, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210909006051/en/
Investor Relations Kyle Derham
kyle@riceinvestmentgroup.com
Media Relations Montieth M. Illingworth
montieth@montiethco.com
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