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CENAQ Energy Corp.

CENQ · Nasdaq

Trust settledVerde Clean Fuels, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from CENAQ Sponsor LLC., listed on Nasdaq in August 2021.
What it's doing now
It agreed to buy Verde Clean Fuels, Inc., a gas-to-liquids clean fuel technology company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Verde Clean Fuels, Inc. — Clean Fuels, Inc.
Industry
Energy — gas-to-liquids clean fuel technology
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
13 August 2021
size not on file
Headquarters
711 LOUISIANA STREET, HOUSTON, TX, 77002
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Siegler Jonathan A (Director) · Hulme Ron (Director) · Palmer Duncan (Director)
Listed securities
CENQ common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 13 August 2021IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • Verde Clean Fuels, Inc.—
    closedEnergy

    What Verde Clean Fuels, Inc. does — read from verdecleanfuels.com on 26 August 2026

    Verde Clean Fuels is a company that uses its proprietary STG+® technology to turn diverse feedstocks like biomass, municipal solid waste, and natural gas into gasoline or methanol. The company aims to reduce carbon emissions in the transportation sector by producing lower-carbon gasoline that can be used in existing internal combustion engines.

    clean fuelsenergytransportation
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $80M · unsourced
    Min-cash condition
    $150M

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.

    stated in:0001213900-22-071210 opens on sec.gov in a new tab

The score

deterministic, from filed fields

CENQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

CENAQ Energy Corp. was a newly organized blank check company incorporated in Delaware and headquartered in Houston, Texas, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company stated its intention to focus its search for a target business in the energy industry in North America, with a particular emphasis on oil and gas companies, properties, and related assets with extensive production histories and limited geologic risk, though it reserved the right to pursue opportunities in any business or industry. The company's common stock traded on the Nasdaq Capital Market under the symbol CENQ, with units listed as CENQU and warrants as CENQW.

CENAQ Energy Corp. conducted its initial public offering on August 13, 2021, offering 15,000,000 units at $10.00 per unit for gross proceeds of $150,000,000, with an underwriters' over-allotment option of up to 2,250,000 additional units. Each unit consisted of one share of Class A common stock and three-quarters of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of Class A common stock at $11.50 per share. The underwriters for the offering were Imperial Capital and I-Bankers Securities, Inc. The company's sponsor was CENAQ Sponsor LLC, which committed to purchase 4,500,000 private placement warrants at $1.00 per warrant in a concurrent private placement. Of the offering proceeds, $151,500,000 (or $10.10 per unit) was deposited into a trust account at Bank of America N.A. with Continental Stock Transfer & Trust Company as trustee. The company's registration statement was filed under SEC file number 333-253695.

The company's management team included CEO J. Russell Porter, who had sourced and financed the acquisition of over 150 oil and gas producing properties across multiple basins in North America and previously served as CEO of Gastar Exploration, Inc., along with John B. Connally III and Michael Mayell. The team collectively brought over 170 combined years of experience forming, financing, and operating public and private oil and gas companies. The company was required to complete its initial business combination within 12 months of the offering closing, with the possibility of extending that period up to 18 months by depositing additional funds into the trust account. The entity's lifecycle is closed, having changed its shell company status per a Form 8-K filed on February 21, 2023, and subsequently operated under the name Verde Clean Fuels, Inc.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • 10-Q10 August 20260001628280-26-055390opens on sec.gov in a new tab

    The post-SPAC company is burning cash with no revenue, has taken a $3.9M impairment on its primary project, and is now pivoting to a licensing model with an active lawsuit from Five Star Clean Fuels over technology rights. Cash runway and the viability of the new capital-lite strategy are the key concerns for investors.

  • 8-K10 August 20260001628280-26-055381opens on sec.gov in a new tab

    The explicit mention of evaluating strategic alternatives signals potential M&A or restructuring activity at a post-merger company still burning cash ($3.8M consumed in H1 2026). With $53.5M in cash and minimal liabilities, Verde has runway but no revenue, making a strategic transaction increasingly likely.

  • DEFA14A9 June 20260001628280-26-041899opens on sec.gov in a new tab

    A director resignation nine days before the annual meeting changes the board a holder is voting into place, which is why it is put in front of stockholders as a proxy supplement rather than left to a current report alone. The supplement is explicit that Mr. Dekker sat on no board committee, so no committee composition follows from it. It does not move the June 12, 2026 meeting date or time, the record date, the proposals or the board's recommendations, and stockholders are told to weigh it in casting their vote by proxy or virtually at the meeting.

  • DEFM14A10 November 20220001213900-22-071210opens on sec.gov in a new tab

    The 22,500,000 Class C shares going to the target dwarf the public float, so CENQ holders end up a minority in the combined company, and the 8,000,000-share PIPE dilutes further at a price the Nasdaq vote is needed to permit. The $10.11 per-share redemption on roughly $174.5 million of trust is the certain alternative. Because the contribution excludes cash needed for redemptions, heavy redemption directly reduces what Verde receives.

  • PREM14A12 August 20220001213900-22-047507opens on sec.gov in a new tab

    This is an Up-C assembled from two contributions rather than a merger. CENAQ contributes its assets — excluding its OpCo interests and the cash needed to satisfy redemptions — together with 22,500,000 newly issued Class C shares, and receives Class A OpCo Units equal to the Class A shares outstanding immediately after closing, a count not knowable until redemptions and the PIPE settle. Holdings then contributes all of Intermediate's interests and receives 22,500,000 Class C OpCo Units plus those Class C shares. No fee table appears; the filer checked the exhibit-based Item 25(b) computation.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings
  • 414 August 20260001628280-26-057138opens on sec.gov in a new tab
  • 414 August 20260001628280-26-057136opens on sec.gov in a new tab
  • 10-Q10 August 20260001628280-26-055390opens on sec.gov in a new tab

    What changed: Verde Clean Fuels filed its Q2 2026 10-Q showing a net loss of $1.94M for the quarter and $4.33M for the six months ended June 30, 2026, with cash declining to $53.5M from $57.2M at year-end 2025. The company suspended its Permian Basin Project in February 2026, appointed a new CEO in March 2026, and is pursuing a capital-lite strategy targeting a 50% cost reduction in 2026. Why it matters: The post-SPAC company is burning cash with no revenue, has taken a $3.9M impairment on its primary project, and is now pivoting to a licensing model with an active lawsuit from Five Star Clean Fuels over technology rights. Cash runway and the viability of the new capital-lite strategy are the key concerns for investors.

  • 8-K10 August 20260001628280-26-055381opens on sec.gov in a new tab

    What changed: Verde Clean Fuels (VGAS) reported Q2 2026 results with $53.5M cash and no debt, a 24% YoY reduction in net loss to $(1.9)M, and announced it is advancing evaluation of strategic alternatives. Shares outstanding remained unchanged at 44.5M (22.05M Class A and 22.5M Class C). Why it matters: The explicit mention of evaluating strategic alternatives signals potential M&A or restructuring activity at a post-merger company still burning cash ($3.8M consumed in H1 2026). With $53.5M in cash and minimal liabilities, Verde has runway but no revenue, making a strategic transaction increasingly likely.

  • S-831 July 20260001628280-26-051190opens on sec.gov in a new tab
  • 8-K15 June 20260001628280-26-043180opens on sec.gov in a new tab
  • 8-K9 June 20260001628280-26-041891opens on sec.gov in a new tab
  • DEFA14A9 June 20260001628280-26-041899opens on sec.gov in a new tab

    What changed: Verde Clean Fuels, Inc. filed Supplement No. 1 to the definitive proxy statement it filed on April 28, 2026 for its 2026 Annual Meeting of Stockholders, scheduled for June 12, 2026 at 10:00 a.m. Eastern time. The supplement reports that on June 3, 2026 Martijn Dekker informed the board of directors that he was resigning as a director effective that same date. Mr. Dekker did not serve as a member of any board committee. As a result of the resignation the board now consists of seven members. Why it matters: A director resignation nine days before the annual meeting changes the board a holder is voting into place, which is why it is put in front of stockholders as a proxy supplement rather than left to a current report alone. The supplement is explicit that Mr. Dekker sat on no board committee, so no committee composition follows from it. It does not move the June 12, 2026 meeting date or time, the record date, the proposals or the board's recommendations, and stockholders are told to weigh it in casting their vote by proxy or virtually at the meeting.

  • 8-K12 May 20260001628280-26-033741opens on sec.gov in a new tab
  • 10-Q12 May 20260001628280-26-033746opens on sec.gov in a new tab

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001213900-24-062154

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Industrial Organic Chemicals (2860)
Registered inDelaware
Exchange · CIKNasdaq · 0001841425

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

11 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

37 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail6 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

CENQ — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2860 (Industrial Organic Chemicals). The screen found it by filing SHAPE instead — S-1 2021-03-01 → 8-A12B 2021-08-12 → 424B3 2021-08-13 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2860 + self-described blank check in 424B3 0001213900-21-042333; 424B 0001213900-21-042333 priced 2021-08-13 under S-1 0001213900-21-012489 (file 333-253695, an offering for cash); common ticker CENQ off 10-Q 0001213900-22-025957 (2022-05-12); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253695, which belongs to S-1 0001213900-21-012489 (2021-03-01) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B3 2021-08-13). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-23-013297 (2023-02-21) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,4.01,5.01,5.02,5.03,5.06,8.01,9.01). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "CENAQ Sponsor LLC." (SEC CIK 0001841320) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-053198.

NAME-REPAIR2026-08-31

"Verde Clean Fuels, Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "CENAQ Energy Corp." per the COMPANY CONFORMED NAME in 424B3 0001213900-21-042333 filed 2021-08-13. §98

Deal — Verde Clean Fuels, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001841425 records "CENAQ Energy Corp." ending 2023-02-16; the registrant continues as "Verde Clean Fuels, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-02-16. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=80, minCashM=150 from primary filings (0001213900-22-071210).

SEGMENT-FROM-FILING2026-08-10

OTHER -> ENERGY, on 8-K 0001628280-26-055381: "Verde owns an innovative and proprietary gas-to-liquids processing technology capable of converting low-value or stranded feedstocks into higher-value clean tra"

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

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