Energy SPAC Flame Acquisition prices $250 million IPO

Flame Acquisition, a blank check company led by oil and gas veterans targeting the energy sector, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman James Flores, the former CEO of Sable Permian Resources and Vice Chairman of Freeport-McMoRan, and CFO Gregory Patrinely, the former CFO of Sable Permian Resources. The company plans to target the energy industry, primarily targeting the upstream exploration and production sector, midstream sector, and companies focused on new advancing technologies that are transformative and provide the potential for and means to achieve greater profitability in the broader energy sector.

Flame Acquisition plans to list on the NYSE under the symbol FLME.U. Cowen and Intrepid Partners acted as lead managers on the deal.