Form 4: CENAQ Sponsor LLC Reduces Stake in Verde Clean Fuels, Inc.
SEC Form 4 Filing
CENAQ Sponsor LLC reports a decrease in its holdings of Verde Clean Fuels, Inc. Class A Common Stock due to share distribution and debt repayment.
Summary
- CENAQ Sponsor LLC filed a Form 4 detailing changes in its beneficial ownership of Verde Clean Fuels, Inc. (VGAS) stock.
- On February 15, 2024, Verde Clean Fuels issued 40,961 shares of Class A Common Stock to CENAQ Sponsor LLC to repay a $409,612 promissory note at a conversion price of $10 per share.
- On March 21, 2024, CENAQ Sponsor LLC distributed 40,961 shares of Class A Common Stock to its members on a pro rata basis.
- Following these transactions, CENAQ Sponsor LLC's direct holdings decreased from 3,275,336 to 3,234,375 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing changes in ownership, with no inherent positive or negative sentiment.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market.
Related Party Transactions
- The issuance of shares to CENAQ Sponsor LLC to repay the promissory note constitutes a related party transaction.
Stakeholder Impact
- The share distribution may have a minor impact on the shareholder base.
Key Dates
| Date | Description |
|---|---|
| 02/15/2023 | Issuer issued a non-interest bearing promissory note to the Reporting Person in the principal amount of $409,612. |
| 02/15/2024 | Issuer issued 40,961 shares of Class A Common Stock to the Reporting Person upon the Issuer's election to repay the Note in shares of Class A Common Stock at a conversion price of $10.00 per share. |
| 03/21/2024 | Reporting Person effectuated a pro rata distribution of 40,961 shares of Class A Common Stock previously held by the Reporting Person to its members. |
| 04/10/2024 | Date of signature for the Form 4 filing. |
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