Papaya Growth Opportunity Corp. I Announces Business Combination
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Papaya Growth Opportunity Corp. I (PPYA) announced a business combination with Forbes & Manhattan Resources Inc. on April 21, 2025. This agreement will make Papaya a subsidiary of F&M and allow PX Energy, a Brazilian refinery and mining operation, to go public on Nasdaq. Valued at approximately $155 million, the transaction is expected to close in late 2025, pending regulatory and shareholder approvals. Existing shareholders will retain over 53% of the combined company, emphasizing PX Energy's strategic position and commitment to sustainability in the Brazilian energy sector.
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