NEXT Renewable Fuels, Inc. and Industrial Tech Acquisitions II, Inc. (“ITAQ”) (Nasdaq: ITAQ), a special purpose acquisition company, signed a business combination agreement expected to result in a newly combined company to be known as NXTClean Fuels, Inc. The boards of directors of NXTClean and ITAQ have each approved the transaction.

ITAQ raised gross proceeds of approximately $172.5 million in its initial public offering. Its stock is traded on the Nasdaq Global Market. ITAQ’s objective is to identify and consummate an initial business combination with a target that can benefit from the investment, operating, and innovating experience of ITAQ’s management team and sponsor.

In the transaction, a newly formed subsidiary of ITAQ will merge with NXTClean, with NXTClean surviving as a wholly owned subsidiary of ITAQ. Pursuant to the merger, all pre-closing stockholders and holders of convertible debt of NXTClean will receive common stock of ITAQ, which will continue after the closing as a publicly traded company under the name NXTClean Fuels, Inc.

The transaction is filed with the Securities Exchange Commission.

Check back soon for more information.

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