Many investors are currently looking into possible SPAC (special purpose acquisition company) plays and one such stock to have emerged on Thursday is that of Rice Acquisition.
Yesterday, the Rice Acquisition Corp (NYSE: RICE) stock soared by as high as 51.70% after the company announced that it completed transactions for combining with not one but two renewable energy companies. The company announced that it is going to work on a combination of the renewable energy companies Archea Energy and Area Energy.
However, that is not all. The purpose of the business combination is to establish the leading RNG (renewable natural gas) platform in the United States. It is an ambitious project and it is only natural that the announcement has led to considerable optimism among investors with regards to Rice. It was also announced that the merged entity is going to be valued at as much as $1.15 billion and Rice believes that it is going to be completed at some point in the third quarter of this year.
Finance and Tech Contributor