By Chris Wack
Benessere Capital Acquisition Corp. shares were up 6% to $10.79 after the company said it entered into an agreement to take eCombustible Energy LLC public.
Volume for the stock was 11.3 million shares at 12:30 p.m. ET, compared with its 65-day average volume of 2.3 million shares. The stock hit its 52-week high of $18.90 on Oct. 22, and traded as high as $14.27 on Wednesday.
The combined company is expected to operate under the name eCombustible Energy Corp. and list on Nasdaq Capital Market under the ticker symbol ECEC.
The blank-check company said it is holding $116.5 million in a trust account for the benefit of Bennessere’s public stockholders. Benessere will issue shares of its common stock with an aggregate value of $805 million to current securityholders of eCombustible Energy upon closing.
The transaction is subject to approval by stakeholders of Benessere and eCombustible Energy and other customary closing conditions, including applicable regulatory approvals.
Write to Chris Wack at chris.wack@wsj.com
Read More: Benessere Capital Acquisition Shares Rise 6% After Merger Deal