In November 2022, the companies entered into an agreement and plan of merger. Sable Offshore Corp. has agreed to acquire certain offshore California assets from ExxonMobil. Flame Acquisition will have about $62.2 million in its trust account prior to the business combination, it said Monday.
The deal is expected to close on or about February 14th, and shares of the combined company, Sable Offshore Corp., are expected to begin trading on the New York Stock Exchange on February 15th. Flame Acquisition announced that its shareholders have approved the company’s previously announced business combination among Flame, Sable Offshore Holdings, LLC, and Sable Offshore Corp. The companies have been planning this merger for several months now and it’s finally coming to fruition.