•  Combination accelerates Crown LNG’s mission to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions.
•  Crown LNG Holdings Limited shares and warrants to begin trading on the Nasdaq on July 9, 2024 under ticker “CGBS” and “CGBSW,” respectively.

OSLO, NORWAY, July 09, 2024 (GLOBE NEWSWIRE) -- Crown LNG Holding AS (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced that it has completed its previously announced business combination (the “Business Combination”) with Catcha Investment Corp (“Catcha”).

The transaction was unanimously approved by Catcha’s board of directors and was approved at an extraordinary general meeting of Catcha shareholders on June 12, 2024.

The combined entity will be renamed Crown LNG Holdings Limited (“PubCo” or the “Company”) and, commencing on July 9, 2024, the Class A ordinary shares and warrants of PubCo will trade on the Nasdaq under the new ticker symbols “CGBS” and “CGBSW,” respectively.

Company Background

Founded with a vision to secure stable energy supplies to growth markets exposed to harsh weather conditions, Crown LNG designs and plans to own and operate offshore LNG terminals in locations where onshore facilities are not feasible for reasons such as environmental impact, access for LNG carriers and cost – or where offshore floating terminals are not a preferred solution due to lower availability than a fixed installation such as the gravity based structure (“GBS”) Crown offers.

Crown is active in the two critical parts of the LNG value chain: (1) liquefaction, where natural gas from producers is supercooled to a liquid for transport by ship as LNG, and (2) regasification, where the LNG is turned back into gas and delivered to consumers and businesses as natural gas. With expertise in both areas, Crown has the potential to enable stable, secure, year-round LNG supplies to growing markets and locations exposed to harsh weather conditions. In doing so, the Company aims to expand the global market for LNG (particularly LNG supplied from the U.S.) and contribute to lower carbon emissions in markets it serves by replacing coal with LNG. Crown’s bottom-fixed, gravity based structure design also is expected to ensure lower cost and a reduced environmental footprint versus a comparable land-based LNG terminal alternative.

Currently, Crown is advancing development of two projects toward final investment decision – Kakinada, on the east coast of India, and Grangemouth, in Scotland.

Management Commentary

Swapan Kataria, CEO of Crown LNG, stated, “We are incredibly proud to complete this transaction and become a U.S. listed public company. This transformative step enables the next phase of growth at Crown, and the capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the UK, Vietnam, Canada, and other global markets. We look forward to our continued partnership with the Catcha team and delivering value to all of our stakeholders.”

Patrick Grove, CEO of Catcha said, “Crown LNG is a leader in the fast-growing LNG market and as a public company is well-positioned to capitalize on the strong market tailwinds of rising energy security concerns and the increasing use of natural gas as a transition fuel. We look forward to continuing our partnership with Crown, and are confident that the company’s deep industry experience and innovative and proven gravity-based structure technology will enable the company to be a leader in addressing the global demand for LNG.”

Leadership

Crown’s senior management team will continue to lead the now combined company, including Swapan Kataria (Chief Executive Officer) and Jorn S. Husemoen (Chief Financial Officer). Gunnar Knutsen will continue to serve as the President of Crown LNG AS, a wholly-owned subsidiary of Crown LNG Holdings Limited, responsible for technology selection and project execution.

PubCo’s board of directors will be comprised of Swapan Kataria, Jørn S. Husemoen, Ellen Hanetho, Gry Osnes, and Andrew Judson.

Advisors

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), served as exclusive financial advisor and lead capital markets advisor to Catcha. In partnership with CCM, WestOak Advisors served as energy capital markets advisor to Catcha. Emerging Asia Capital Partners Company Limited (“EACP”) served as financial advisors to Crown. Goodwin Procter LLP served as legal counsel to Catcha. Nelson Mullins Riley & Scarborough LLP served as legal counsel to Crown.

About Crown LNG Holding AS

Crown LNG Holding AS is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and regasification plants, as well as associated green hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.

About Catcha Investment Corp

Catcha Investment Corp is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Catcha is led by Chief Executive Officer Patrick Grove and Chief Financial Officer Wai Kit Wong, and is sponsored by Catcha Holdings LLC, one of the earliest and most established new economy-focused investment groups in Southeast Asia and Australia.

Forward-Looking Statements

The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the Business Combination. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Crown competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Crown will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the Business Combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding regulatory authorization and approval expectations, (vi) statements expressing beliefs and expectations regarding the development of Crown’s LNG terminals, including the Kakinada Project and Grangemouth Project, (vii) statements regarding the business operations and prospects of third-parties, (viii) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (ix) statements relating to our goals, commitments and strategies in relation to environmental matters; and (x) those factors discussed in Crown’s and Catcha’s filings with the SEC and that are contained in the Proxy Statement relating to the Business Combination. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the Proxy Statement and other documents to be filed by Crown from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Crown and Catcha may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Neither Crown nor Catcha gives any assurance that Crown and Catcha will achieve their respective expectations.
        
Contacts
For Investors
Caldwell Bailey
ICR, Inc.
CrownLNGIR@icrinc.com

For Media
Zach Gorin
ICR, Inc.
CrownLNGPR@icrinc.com