PX Energy is set to make its public debut through a business combination with Papaya Growth Opportunity Corp. I. Following the merger, the new entity will continue under the name "PX Energy" and establish its official headquarters in Brazil, with its shares listed on Nasdaq.
The transaction estimates PX Energy at an equity value of approximately $155 million, with potential adjustments based on fuel prices at the time of the transaction's closing. Completion of the business combination is anticipated for late 2025, pending necessary regulatory and shareholder approvals, alongside standard closing conditions.
Post-transaction, if no shareholders of Papaya Growth Opportunity Corp. (PPYA, Financial) choose to redeem their shares for cash, the existing shareholders of PX Energy will possess more than 53% of the merged company, reflecting a significant stake in the newly formed entity.
