RBio Energy Set to Go Public Through Merger with Perception Capital Corp. III

Sustainable-energy company RBio Energy is poised to make its public debut in a merger with special-purpose acquisition company Perception Capital Corp. III. The deal, valued at approximately $350 million, will grant RBio Energy shareholders equity in Perception of the same value, subject to adjustments. Perception currently holds more than $42 million in cash in trust, a protocol similar to escrow accounts used in home purchases, as confirmed by the Securities and Exchange Commission.

Both RBio Energy and Perception's boards have unanimously approved the merger, pending regulatory review and a vote from Perception's shareholders. The transaction is expected to close in the second quarter, after which RBio Energy plans to list its securities on the Nasdaq Stock Market.

The proceeds from the merger will fuel RBio's development of biorefinery assets, as well as expand its biomass and biogas power-generation capacity. RBio also intends to establish operations capable of acquiring comparable assets and making investments in the emerging field.

Although the SPAC trend, in which blank-check companies sought out promising startups, experienced a decline in 2023 after notable failures, RBio Energy and Perception are seizing the opportunity to form a successful partnership.