Why Rice Acquisition Stock Soared Today
Rice Acquisition (NYSE: RICE) announced a business combination with two renewable energy companies Thursday. The news sent the stock of the special purpose acquisition company (SPAC) soaring more than 40% at the market open. Shares pared those gains, but remained up 31.1% as of 10:20 a.m. EDT.
Rice announced it plans to lead a business combination of Aria Energy and Archaea Energy to create the leading U.S. renewable natural gas (RNG) platform. The merger will value the combined company at $1.15 billion, and is expected to close in the third quarter of 2021. It will take the Archaea Energy name, and focus on reducing carbon emissions through landfill gas conversion, CO2 sequestration, and green hydrogen.
Source Fool.com
