PX Energy, Papaya Growth Opportunity I enter business combination agreement

PX Energy and Papaya Growth Opportunity Corp. I have entered into a definitive business combination agreement. Upon the completion of the Business Combination, the combined company will retain its name “PX Energy” and its headquarters in Brazil, and its ordinary shares to be listed on Nasdaq. The Business Combination values PX at an equity value of approximately $155M, subject to adjustment based on the price of fuel immediately prior to the closing date of the Business Combination. The Transaction is expected to close in late 2025, subject to regulatory and shareholder approvals and other customary closing conditions. After the closing of the Transaction, assuming no PPYA shareholders elect to have their PPYA shares redeemed for cash as permitted, existing shareholders of PX will hold over 53% of the combined company.