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BioFuel Energy (NASDAQ: BIOF) shares jumped as much as nine percent Wednesday morning after confirmation that investor David Einhorn's Green Light Capital will fully participate in an upcoming rights offering.
The offering is key to a $275 million deal in which Einhorn will obtain a controlling interest in BioFuel. The deal was proposed in March and inked in June.
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BioFuel said it signed a definitive agreement July 10, with Einhorn financing the deal through a rights offering to common shareholders and a private non-registered rights offering to Einhorn's Greenlight and Third Point holding companies.
Biofuel on Tuesday said it obtained so-called backstop agreements for the offering with JMB Capital Partners Master Fund, L.P., Lonestar Partners, LP, North Run Master Fund, LP and Scoggin LLC
A filing with the Securities and Exchange Commission confirmed Einhorn's commitment and revealed that he has increased his stake to 35.4 percent, from 26.24 percent as of March.
BioFuel traded recently at $7.24, up 9.53 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.