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The housing industry, nationwide, could be fewer aggressive than it was just a few months back. In some parts of the U.S., however, potential buyers are not out of the woods when it will come to encountering competing offers when they put a bid on a for-sale house.
In November, just 59.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of presents offered by Redfin
RDFN, +5.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
brokers faced level of competition, the true-estate brokerage claimed in a new report launched Friday. That is down from the pandemic peak of 74.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in April, and signifies the least expensive level of competitors considering that December of final 12 months.
Nevertheless, the frequency of bidding wars remained high for late fall and early winter season, mentioned Daryl Fairweather, chief economist at Redfin. “For this time of 12 months, there’s actually very a lot of demand,” Fairweather explained, adding that less property owners commonly listing their qualities in December.
Also see: These 10 ‘hidden gem’ housing markets are poised for big growth in 2022, Realtors forecast
“Most prospective buyers who might be out there are looking at homes that are the leftovers from previously this year, and all those are the varieties of houses that won’t truly attract a bidding war,” she said.
Some marketplaces continue to see a very significant fee of bidding wars, even as opposition at a nationwide level has dissipated with the advent of cooler climate. Richmond, Va., recorded the optimum proportion of offers experiencing competitiveness, with 80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the provides presented by Redfin brokers efficiently moving into into a bidding war. That was up from nearly 70{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of offers in the past thirty day period.
Salt Lake Metropolis, Utah, had the second maximum charge of bidding wars at just about 74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, followed by San Diego, Honolulu and Dallas.
A different competitiveness rating from Redfin, which incorporates facts on bidding wars and the volume of time homes devote on the sector, confirmed that the 3 most aggressive metro regions nationwide for housing had been Aurora, Colo. Fremont, Calif. and Spokane, Wash.
“‘This is emblematic of exactly where we’re at in this phase of migration.’”
— Daryl Fairweather, main economist at Redfin
What all of these marketplaces have in frequent, Fairweather stated, is that they are satellite towns, rather than big metropolitan spots.
“This is emblematic of where by we’re at in this section of migration,” she reported. “At the commencing of the pandemic, most people just wished place and was going out to much more rural places, but now that items are reopening these satellite cities, I believe, are going to be actually well known going forward.”
In typical, these housing marketplaces current extra very affordable alternatives for potential buyers but keep a lot of of the facilities a single would delight in in a major, and commonly more pricey, city. Above a third of folks seeking for houses in Richmond, Va., for occasion, had been from outside the metro spot, with most of those migrants coming from the Washington, D.C., region around 100 miles absent.
Irrespective of whether housing markets remain as competitive as they are now into 2022 will depend on exactly where dwelling prices and house loan fees are headed. In January and February of 2021, expectations that interest fees would maximize really contributed to the surge in home shopping for that happened previously this calendar year, Fairweather mentioned.
“That was fueling folks to rush to get homes, which is why costs started off to shoot up,” she said, but she added that it’s unclear no matter whether the enhance in mortgage charges most economists are predicting for 2022 will have the exact result.
“It’s difficult to say how a lot of people today who have been paying out awareness to property finance loan charges have not purchased already due to the fact that narrative has been all-around all calendar year extended,” Fairweather explained.
STAG Industrial, Inc. (NYSE:STAG) – Equities researchers at Capital One Financial lifted their FY2021 earnings per share estimates for shares of STAG Industrial in a note issued to investors on Thursday, December 9th. Capital One Financial analyst C. Lucas now anticipates that the real estate investment trust will earn $2.06 per share for the year, up from their prior forecast of $2.05. Capital One Financial also issued estimates for STAG Industrial’s Q1 2022 earnings at $0.53 EPS, Q2 2022 earnings at $0.55 EPS, Q4 2022 earnings at $0.56 EPS, FY2022 earnings at $2.19 EPS, Q1 2023 earnings at $0.56 EPS, Q2 2023 earnings at $0.58 EPS, Q3 2023 earnings at $0.58 EPS, FY2023 earnings at $2.31 EPS, FY2024 earnings at $2.45 EPS and FY2025 earnings at $2.59 EPS. STAG Industrial (NYSE:STAG) last announced its quarterly earnings data on Thursday, October 28th. The real estate investment trust reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.21). STAG Industrial had a return on equity of 7.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 37.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The company had revenue of $142.11 million for the quarter, compared to analysts’ expectations of $140.41 million. During the same quarter in the previous year, the business posted $0.46 EPS. The business’s quarterly revenue was up 19.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year.
A number of other equities analysts also recently commented on the company. Raymond James lifted their price objective on STAG Industrial from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, November 1st. Zacks Investment Research upgraded STAG Industrial from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Friday, November 26th. Finally, Royal Bank of Canada lifted their price objective on STAG Industrial from $46.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, November 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $43.67.
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The global lithium market is projected to surge 500{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} due to a growing need for lithium-filled batteries. And one junior mining company in a renowned location in South America is in the right place at the right time to capitalize on this megatrend.
Shares of STAG Industrial stock opened at $43.93 on Friday. STAG Industrial has a one year low of $29.40 and a one year high of $45.20. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 4.11 and a beta of 0.93. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.57 and a current ratio of 1.57. The business’s 50 day moving average price is $42.85 and its 200 day moving average price is $40.88.
A number of large investors have recently bought and sold shares of the business. Johnson Investment Counsel Inc. raised its holdings in shares of STAG Industrial by 10.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Johnson Investment Counsel Inc. now owns 59,984 shares of the real estate investment trust’s stock valued at $2,252,000 after buying an additional 5,500 shares during the period. Kempen Capital Management N.V. raised its holdings in shares of STAG Industrial by 6.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Kempen Capital Management N.V. now owns 618,563 shares of the real estate investment trust’s stock valued at $23,153,000 after buying an additional 35,250 shares during the period. H&H Retirement Design & Management INC raised its holdings in shares of STAG Industrial by 5.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. H&H Retirement Design & Management INC now owns 106,026 shares of the real estate investment trust’s stock valued at $4,328,000 after buying an additional 5,184 shares during the period. Amundi purchased a new stake in shares of STAG Industrial in the 2nd quarter valued at $4,393,000. Finally, M&T Bank Corp raised its holdings in shares of STAG Industrial by 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. M&T Bank Corp now owns 13,169 shares of the real estate investment trust’s stock valued at $493,000 after buying an additional 417 shares during the period. Institutional investors own 85.95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
The firm also recently announced a monthly dividend, which will be paid on Tuesday, January 18th. Shareholders of record on Friday, December 31st will be given a $0.1208 dividend. The ex-dividend date of this dividend is Thursday, December 30th. This represents a $1.45 dividend on an annualized basis and a yield of 3.30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. STAG Industrial’s dividend payout ratio is currently 115.08{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
STAG Industrial Company Profile
STAG Industrial, Inc is a real estate investment trust, which focuses on acquisition, ownership and operation of single-tenant, industrial properties throughout the United States. The company was founded by Benjamin S. Butcher on July 21, 2010 and is headquartered in Boston, MA.
Further Reading: Are Wall Street analysts’ stock ratings worth following?
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Should you invest $1,000 in STAG Industrial right now?
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Private equity firms, among the world’s largest custodians of institutional money, have been buying up companies that advise individuals on their wealth, Art Of Landscaping.
The number of private equity deals for registered investment advisers has surged to a record 223 so far in 2021, according to data from investment bank Echelon Partners. The sum is up almost two-thirds from 2020 and more than three times the number of deals five years ago.
The latest came this month, when Apollo agreed to buy the US wealth distribution and asset management arm of Los Angeles-based Griffin Capital, which has more than $5bn in actively managed closed-end funds, including a credit and real estate fund and dozens of staff who distribute investment strategies.
Other private equity firms such as KKR, Hellman & Friedman and TA Associates have been acquiring investment adviser groups.
Wealth management typically has a high degree of recurring revenue, with customer “stickiness” that’s similar to a software company, said Daniel Seivert, chief executive of Echelon Partners.
And in September, the Securities and Exchange Commission’s asset management committee recommended allowing retail investors to invest in private fund strategies, Seivert said — potentially enabling wealth management clients to invest with the firms that back their advisers.
In the Griffin deal, Apollo will not only pick up an asset management company that it can scale, but Griffin also distributes funds to registered investment advisers and brokers, who are a potentially huge new source of private equity assets.
Apollo wants to raise at least $50bn in capital from individual investors within the next five years, the firm said in a presentation in October. This segment accounted for 5 per cent of the capital that Apollo raised on average between 2018 to 2020, and the firm hopes to grow that to at least 30 per cent, Stephanie Drescher, Apollo’s chief client and product development officer, said during the presentation.
“Scaling global wealth is our key bet,” she said. “It’s a market that is two times the size of the institutional market, yet they’re under-allocated by two-to-five times to alternatives.”
Private equity firms are targeting the wealth management industry in part because technology has made it easier for individual investors to access “alternatives,” or more specialised investments than ordinary stock and bond markets.
“Private equity sponsors continue to recognise that solutions exist to help capture what has evolved from a more fractured and less transparent marketplace to one that can deliver more value across broader investor segments,” said Georges Archibald, head of the Americas for financial services provider Apex Group.
Other wealth management deals by private equity this year have included TA Associates’ investment in the advisory group Caprock and KKR buying half of $20bn Beacon Pointe Advisors from Abry Partners last month.
KKR wants to support growth plans for Beacon Pointe, a female-led registered investment adviser, and sees its Women’s Advisory Institute as important to serving women, Chris Harrington, a KKR partner, said. The investment in Beacon Pointe follows KKR’s exit this year from wealth management firm Focus Financial, which it took public in 2018.
Some US-based private equity firms are looking to less competitive markets overseas. This summer, Lightyear Capital funds bought UK-based Wren Sterling Financial Planning, and Flexpoint Ford acquired UK-based AFH Financial Group.
Aside from direct investments, most wealth deals were executed by portfolio companies owned by private equity, such as Leonard Green-backed serial acquirer Mariner Wealth and Oak Hill-backed Mercer Advisors. Mariner Wealth announced its ninth acquisition of the year last month, while Mercer Advisors scooped up 15 RIAs this year.
“Nearly all the most active strategic acquirers in today’s market are backed by prominent private equity firms and are often backed by more than one sponsor,” Seivert said.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 9, 2020. REUTERS/Staff/File Photo
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LONDON, Nov 25 (Reuters) – The European Union has moved a step closer to its vision of creating a single capital market across the bloc, a slow moving process but one that is chipping further away at Britain’s status as Europe’s investment banker.
The bloc first began an ambitious – but tortuous – process of ultimately creating a single EU securities market in 2015.
Creating a single market should make it easier for companies to issue and bonds and shares, enabling them to spread risk and be less reliant on just bank loans for funding – the risks of which were highlighted during the euro zone crisis.
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On Thursday, the EU set out proposals to introduce a single ‘consolidated’ set of prices for stocks and bonds listed across the EU and a single portal for corporate information – akin to Wall Street’s Edgar system – analysts say the vision will gain more traction. read more
“Those two for me are key to setting up the whole CMU (capital markets union) effort and when that’s in place you will see a real push to further it. Onwards and upwards,” said Mairead McGuinness, the EU’s financial services chief.
The initial plans for a capital markets union were set out in 2015 by McGuinness’ then British predecessor Jonathan Hill to much fanfare, promising the building blocs would be in place by 2019.
Follow-up measures two years later raised expectations further, but an EU official acknowledged that there remains a perception that CMU is an ‘elusive’ goal.
“Perhaps the mistake of the original version of capital markets union was that it gave the impression that CMU was a legislative project that could be ‘completed’ by passing lots of new regulations,” said William Wright, head of New Financial, a London-based think tank that does research on European capital markets.
“The current version may look less ambitious but is taking a more practical and tangible approach,” Wright said.
The EU capital market is still little more than a quarter as deep as that of the United States, relative to GDP, with Britain’s twice as deep as the bloc, according to New Financial figures.
Sander Schol, a former banker who is head of EU public affairs at consultants Hanbury Strategy, said the less controversial CMU measures have been approved previously and Brussels’ latest proposals tackle more difficult issues, though rules on even tougher issues that are crucial, such as harmonising insolvency rules, are still missing.
This time round the EU executive, the European Commission, has proposed thornier steps for knitting together national markets by creating an EU tape or record of stock and bond trades by 2024, a step exchanges will lobby hard to water down.
A single EU point of access for information on listed companies to mirror the ‘Edgar’ filings system on Wall Street, is also proposed.
But far tougher reforms like harmonising settlement, taxes on investments and accounting will need tackling to create a truly seamless EU securities market like in the United States, Schol and others said.
“Market participants have asked for harmonisation of settlement and insolvency laws but member states don’t want to change insolvency rules, for example, because if you start tinkering with those then you have to change the legal foundations of each country,” Schol said.
STRATEGIC AUTONOMY
Brexit, the recovery from COVID-19 and the need for massive investments to tackle climate change have added a sense of urgency to CMU that was missing six years ago as Brussels seeks to build “strategic autonomy” in sectors like finance.
Britain’s exit has shown Brussels that the bloc’s markets can largely stand on their own feet after billions of euros in daily trading of shares, interest rate swaps and EU emissions allowances left London for Amsterdam without market disruption.
Previously a relatively small financial centre, the Dutch capital became Europe’s biggest share trading centre immediately after Brexit, although London is now roughly neck and neck. Amsterdam has also attracted 22 public floats and private placements so far this year, raising 10.7 billion euros ($11.99 billion).
There have been 108 floats on the London Stock Exchange which raised 16.1 billion pounds ($21.47 billion), though London is aware of how it trails New York, which has raised $128 billion this year.
London is expected to remain Europe’s top financial centre in coming years and the EU still relies on London for clearing interest rate swap trades worth trillions of euros, but here too Brussels is determined to reduce reliance over coming years.
“One way to think about CMU is as a multi-decade process of laying the important foundations over five to 10 years and then building on them over the next 10 to 20 years: the United States has a 150-year head start and still doesn’t have a full ‘CMU’,” Wright said.
In reality, CMU was never going to happen overnight and remains a work in progress, said McGuinness, already flagging her next batch of measures due next year to include simplifying listing rules, making cross-border payments more efficient, and finally seeking to harmonise aspects of insolvency laws.
New Financial Global CMU Graphic
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Deal is designed to accelerate eCombustible Energy’s go-to-market strategy
eCombustible Energy has developed a customizable hydrogen-based fuel production technology that provides on-site fuel delivery under long-term fuel supply agreements
eCombustible Energy’s fuel technology is applicable to a large variety of stationary thermal applications, requires little to no modification to customers’ existing thermal power equipment (e.g., boiler or kiln), and the eCombustible fuel contains no carbon
eCombustible Energy fuel production modules are built, installed, owned, operated, and maintained onsite by eCombustible Energy
Global organizations in the mining, steel, tile, beverage, hospitality and tire sectors have shown strong interest in the eCombustible fuel solution, with several under contract and a number under MOU to integrate eCombustible fuel into their operations
Securityholders of eCombustible Energy to receive shares of common stock with a value of $805 million, subject to adjustment, plus an earnout of up to 59 million additional shares
Combined company expected to trade on Nasdaq under the symbol “ECEC”; the transaction is subject to regulatory and shareholder approval and other customary closing conditions
MMIAMI, FL / ACCESSWIRE / November 24, 2021 / Yesterday, Benessere Capital Acquisition Corp. (Nasdaq:BENE), a special purpose acquisition company (“Benessere”), and eCombustible Energy LLC, a leading innovator and provider of customizable hydrogen-based fuel for thermal industrial applications (“eCombustible Energy”), announced that the companies have entered into a definitive business combination agreement, providing for a business combination that will result in eCombustible Energy becoming a public listed company, subject to regulatory and stockholder approval and other customary closing conditions. Upon completion of the proposed transaction, the combined company is expected to operate under the name eCombustible Energy Corp. and list on Nasdaq Capital Market under the ticker symbol “ECEC”.
Founded in 2010 by Miami-based entrepreneur and investor Jorge Arevalo, eCombustible Energy offers a long-term fuel supply solution that is designed to provide the world’s most fossil fuel-dependent industries with a fuel that is carbon-free, cost-competitive, and requires little to no modification to existing customer equipment. The efficacy of its hydrogen-based fuel, eCombustible, has been validated through testing and independent assessments by third-party engineering firms and experts.
“We believe a carbon-free future will best be achieved on a win-win basis, with fossil fuel-reliant industries being empowered to transition to clean and renewable energy solutions without crippling investments,” said eCombustible Energy CEO, Jorge Arevalo. “This business combination is intended to fuel the acceleration and adoption of eCombustible, and we are confident that we can help many of the world’s largest industrial companies’ transition to our carbon-free fuel and advance ESG objectives in a seamless, viable, and impactful way.”
Benessere is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with technology-focused, middle-market and emerging-growth companies in North, Central and South America. Led by CEO Patrick Orlando, Benessere was drawn to eCombustible Energy given the immense need for and potential of decarbonizing industries.
“The transition away from carbon containing fuel towards hydrogen and other clean fuel technologies has been underway for several years; however, the applicability of hydrogen as an alternative is nascent. eCombustible has not only focused on producing hydrogen efficiently but also making hydrogen a true solution for applications including fixed thermal applications. Thermal energy is foundational to a multitude of industrial applications and we believe eCombustible presents a unique solution with the potential to accelerate the transition to a lower carbon energy future,” said Patrick Orlando, CEO of Benessere. “We are excited to work with the eCombustible Energy team in an attempt to enhance value across the company, industry, public shareholders and society.”
For more information about eCombustible Energy, please visit www.ecombustible.com.
Transaction Overview
Benessere raised $115 million in its initial public offering earlier this year, and approximately $116.5 million is now held in a trust account for the benefit of Bennessere’s public stockholders. Under the terms of the proposed transaction announced today, a newly formed successor to Benessere will issue shares of its common stock with an aggregate value of $805 million, subject to adjustment, to current securityholders of eCombustible Energy upon the closing of the proposed transaction. These eCombustible Energy securityholders may also receive, subject to the terms of the business combination agreement, up to an additional 59 million shares of Benessere common stock based on the daily volume weighted average share price of the combined company’s common stock in any 20 trading days within a 30 trading day period beginning on the closing of the transaction and ending on the 30-month anniversary of the closing, as follows: 29.5 million shares if the share price exceeds $12.50 prior to such 30-month anniversary and an additional 29.5 million shares if the share price exceeds $15.00 prior to such 30-month anniversary.
The transaction is subject to approval by stakeholders of Benessere and eCombustible Energy and other customary closing conditions, including applicable regulatory approvals. Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov. The description of the business combination contained herein is only a summary and is qualified in its entirety by reference to the definitive business combination agreement. In addition, Benessere intends to file a registration statement on Form S-4 with the SEC (the “Registration Statement”), which will include a proxy statement/prospectus of Benessere, and will file other documents regarding the proposed business combination with the SEC.
Additional Information and Where to Find It
In connection with the business combination agreement and the proposed business combination, Benessere intends to file with the SEC a Registration Statement, which will include a proxy statement/prospectus. Benessere’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the business combination, as these materials will contain important information about Benessere, eCombustible Energy, the merger agreement and the business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the business combination will be mailed to stockholders of Benessere as of a record date to be established for voting on the business combination. Stockholders of Benessere will also be able to obtain copies of the Registration Statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: Benessere Capital Acquisition Corp., 78 SW 7th Street, Unit 800, Miami, FL 33130.
Participants in the Solicitation
Benessere, eCombustible Energy and their respective directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from Benessere’s stockholders with respect to the proposed business combination. Investors and securityholders may obtain more detailed information regarding the names and interests in the business combination of Benessere’s directors and officers in Benessere’s filings with the SEC, including the Registration Statement, and such information with respect to eCombustible Energy’s directors and executive officers will also be included in the Registration Statement.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between Benessere and eCombustible Energy, including without limitation statements regarding the anticipated benefits of the business combination, the anticipated timing of the closing of the business combination, the implied enterprise value and pro forma ownership, future financial condition and performance of eCombustible Energy and the combined company after the closing and expected financial impacts of the business combination, the satisfaction of closing conditions to the business combination, the level of redemptions of Benessere’s public stockholders, the potential benefits of eCombustible Energy’s solution for customers and potential customers, and the products and markets and expected future performance and market opportunities of eCombustible Energy. 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, but the absence of these words does not mean that a statement is not forward-looking. 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 press release, including but not limited to: (i) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of Benessere’s securities, (ii) the risk that the business combination may not be completed by Benessere’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Benessere, (iii) the failure to satisfy the conditions to the consummation of the business combination, including the approval of the business combination agreement by the stockholders of Benessere, (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, (v) the failure to achieve the minimum amount of cash available following any redemptions by Benessere stockholders, (vi) redemptions exceeding a maximum threshold or the failure to meet The Nasdaq Stock Market’s initial listing standards in connection with the consummation of the contemplated transactions, (vii) the effect of the announcement or pendency of the business combination on eCombustible Energy’s business relationships, operating results, prospects and business generally, (viii) risks that the proposed business combination disrupts current plans and operations of eCombustible Energy, (ix) the outcome of any legal proceedings that may be instituted against eCombustible Energy or against Benessere related to the business combination agreement or the proposed business combination, (x) changes in the energy markets in which eCombustible Energy competes, including with respect to its competitive landscape, technology evolution or regulatory changes, (xi) changes in domestic and global general economic conditions, (xii) the risk that eCombustible Energy is not able to recognize revenue for its products or secure additional contracts that generate revenue, (xiii) risk that eCombustible Energy may not be able to execute its growth strategies; (xiv) risks related to the ongoing COVID-19 pandemic and response, (xv) risk that eCombustible Energy may not be able to develop and maintain effective internal controls, (xvi) costs related to the business combination and the failure to realize anticipated benefits of the business combination or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions, (xvii) risks related to competition in the markets in which eCombustible Energy intends to compete, (xviii) risks related to the early stage of eCombustible Energy’s business, and (xix) and those factors discussed in Benessere’s filings with the SEC and that that will be contained in the Registration Statement relating to the proposed business combination. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the Registration Statement and other documents to be filed by Benessere 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 while Benessere and eCombustible Energy may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither of Benessere or eCombustible Energy gives any assurance that Benessere or eCombustible Energy, or the combined company, will achieve its expectations.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
About Benessere Capital Acquisition Corp.
Benessere Capital Acquisition Corp. (Nasdaq:BENE) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Benessere’s strategy is to identify and complete business combinations with technology-focused middle market and emerging growth companies in North, Central and South America. For more information, please visit www.benespac.com.
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MEDIA CONTACT Isys Caffey-Horne Isys@stripetheory.com 404-368-7070
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