Exhibit 99.1
M3-BRIGADE
ACQUISITION III CORP. RECEIVES NYSE NOTICE REGARDING DELAYED FORM 10-Q FILING
NEW YORK, NY, May 31, 2023 /PRNewswire/ -- M3-Brigade Acquisition III
Corp. (NYSE: MBSC) (the “Company”) announced today that it has received a notice from the New York Stock Exchange (the “NYSE”)
indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to
timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Form 10-Q”) with the Securities and
Exchange Commission (the “SEC”). The notice has no immediate effect on the listing of the Company’s stock on the NYSE.
In accordance with NYSE rules, the Company is issuing this required
press release. The NYSE has informed the Company that, under NYSE rules, the Company will have until November 22, 2023 to file the Form
10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to that date by filing its Form
10-Q. If the Company fails to file the Form 10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion,
an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The notice
from the NYSE also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances
warrant.
As the Company reported in its Form 12b-25 filed with the SEC on May
16, 2023, the Company has been unable to finalize the Form 10-Q because proper review of certain relevant information has not yet been
completed to ensure adequate and accurate disclosure. The Company is not currently in a position to file the Form 10-Q, but the Company
continues to work expeditiously to conclude its review and will file the Form 10-Q as soon as practicable.
About M3-Brigade Acquisition III Corp.
M3-Brigade Acquisition III Corp. is a special purpose acquisition company
listed on the New York Stock Exchange under the trading symbol “MBSC” organized by the founders and senior executives of M3
Partners, LP and Brigade Capital Management, LP for the purpose of effecting a merger, stock purchase or similar business combination
with one or more businesses.
Cautionary Note Concerning Forward-Looking Statements
This communication may contain certain forward-looking statements within
the meaning of the federal securities laws with respect to the Business Combination. These forward-looking statements generally are identified
by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,” and similar
expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this communication, including but not limited to: (i) the timing to complete
the proposed business combination by MBSC’s business combination deadline and the potential failure to obtain an extension of the
business combination deadline if sought by MBSC; (ii) the occurrence of any event, change or other circumstances that could give rise
to the termination of the definitive agreements relating to the proposed business combination; (iii) the outcome of any legal, regulatory
or governmental proceedings that may be instituted against Greenfire Resources Ltd. (“PubCo”), MBSC, Greenfire Resources Inc.
(“Greenfire”), or any investigation or inquiry following announcement of the proposed business combination, including in connection
with the proposed business combination; (iv) the inability to complete the proposed business combination due to the failure to obtain
approval of MBSC’s stockholders or the inability to receive approval of the proposed plan of arrangement in connection with the
proposed business combination; (v) Greenfire’s and PubCo’s success in retaining or recruiting, or changes required in, its
officers, key employees or directors following the proposed business combination; (vi) the ability of the parties to obtain the listing
of PubCo’s common shares and warrants on the New York Stock Exchange upon the closing of the proposed business combination; (vii)
the risk that the proposed business combination disrupts current plans and operations of Greenfire; (viii) the ability to recognize the
anticipated benefits of the proposed business combination; (ix) unexpected costs related to the proposed business combination; (x) the
amount of redemptions by MBSC’s public stockholders being greater than expected; (xi) the management and board composition of PubCo
following completion of the proposed business combination; (xii) limited liquidity and trading of PubCo’s securities; (xiii) geopolitical
risk and changes in applicable laws or regulations; (xiv) the possibility that Greenfire or MBSC may be adversely affected by other economic,
business, and/or competitive factors; (xv) operational risks; (xvi) litigation and regulatory enforcement risks, including the diversion
of management time and attention and the additional costs and demands on Greenfire’s resources; (xvii) the risks that the consummation
of the proposed business combination is substantially delayed or does not occur; (xviii) risks associated with the oil and gas industry
in general (e.g., operational risks in development, exploration and production; disruptions to the Canadian and global economy resulting
from major public health events, the Russian-Ukrainian war and the impact on the global economy and commodity prices; the impacts of inflation
and supply chain issues and steps taken by central banks to curb inflation; pandemic, war, terrorist events, political upheavals and other
similar events; events impacting the supply and demand for oil and gas including actions taken by the OPEC + group; delays or changes
in plans with respect to exploration or development projects or capital expenditures); (xix) the uncertainty of reserve estimates; (xx)
the uncertainty of estimates and projections relating to production, costs and expenses; (xxi) health, safety and environmental risks;
(xxii) commodity price and exchange rate fluctuations; (xxiii) changes in legislation affecting the oil and gas industry; and (xxiv) uncertainties
resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The foregoing
list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of MBSC’s registration on Form S-1 (Registration Nos. 333-256017 and 333-260423), MBSC’s
annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023, the registration statement on Form
F-4 (as amended, the “Registration Statement”) filed by PubCo with the SEC on April 21, 2023, which includes a preliminary
prospectus and proxy statement of MBSC, referred to as a proxy statement/prospectus, and other documents filed by MBSC or PubCo from time
to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on forward-looking statements, and PubCo, MBSC and Greenfire assume no obligation
and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither PubCo, MBSC nor Greenfire gives any assurance that either PubCo, MBSC nor Greenfire will achieve its expectations.
Contact:
M3-Brigade Acquisition III Corp.
c/o M3 Partners, LP
1700 Broadway
19th Floor
New York, NY 10019
www.m3-brigade.com
Investor Relations
Kristin Celauro (212) 202-2223