Flame Acquisition Corp.
FLME-WT
New York Stock Exchange2.78
USD
-0.11
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Flame Acquisition Corp.
FLME-WT
(New York Stock Exchange)
Recent
price
2.78
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Similar Companies
- Business
- Flame Acquisition Corp. (FLME-WT) represents the publicly traded warrants of the entity formerly known as Flame Acquisition Corp., a blank check company (SPAC) incorporated in 2020 and headquartered in Houston, Texas, that completed a business combination with Sable Offshore Corp. and Sable Offshore Holdings LLC in February 2024, after which the common stock and warrants transitioned to trading under the symbols SOC and SOC.WS on the New York Stock Exchange. These warrants, issued as part of the February 2021 initial public offering units structured as one share of Class A common stock plus one-half warrant exercisable for one full share at $11.50 per share, entitle holders to purchase shares of Sable Offshore Corp.'s common stock upon exercise, subject to the terms of the warrant agreement with the warrant agent; the company focuses on identifying, acquiring, and operating businesses in the North American energy industry, including upstream exploration and production, midstream sectors, and transformative technologies for enhanced profitability. Geographically, operations target North America, with the post-merger entity Sable Offshore Corp. acquiring the Santa Ynez Unit (SYU) oil and gas assets from ExxonMobil, supported by a first-lien loan and PIPE financing exceeding $440 million, though the assets have been shut-in since 2015 pending pipeline restart approvals. In recent developments, Sable Offshore Corp. announced the redemption of all outstanding public warrants (including FLME-WT equivalents under SOC.WS) in March 2024, with approximately 99.8% exercised by the November 4, 2024 redemption date, generating $183.5 million in proceeds; unexercised warrants were redeemed at $0.01 each, after which no public warrants remain outstanding and trading ceased on October 31, 2024, while private placement and working capital warrants held by initial holders persist.