Verde Clean Fuels (VGAS) said Thursday that it has signed a stock purchase agreement under which Diamondback Energy's Cottonmouth Ventures unit will make a $50 million equity investment in Verde.
The company said Cottonmouth will acquire 12.5 million shares of Verde's common stock at $4 per share, bringing its total investment in Verde to $70 million and making it the company's second largest shareholder.
Shares of Verde Clean Fuels were up 8.8% in recent premarket activity.
Price: 4.07, Change: +0.33, Percent Change: +8.82
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