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Benessere Capital Acquisition Corp. (BENE) Stock Continuously Rising, Here’s Why

Benessere Capital Acquisition Corp. (BENE), a blank check company, has increased 6.07% in aftermarket trading session. Consequently, BENE is changing hands at $12.4 at the time of the writing. On Friday, BENE closed the day at $11.69 after soaring 15.63% during regular trading hours. The surge has come after the news of a possible merger deal of the company with eCombustible, a hydrogen fuel-related company, in near future.

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Rumours of a deal between BENE and eCombustible

On 14th October, certain news outlets reported that eCombustible, a hydrogen-based fuel-related company, is in talks of a merger with BENE. According to the details, Benessere was discussing the potential deal that could value the combined body at about $800 million to about $1 billion. For the people knowing the matter, the terms of the deal could change as the talks advance forward. Also, there was no certainty that the negotiations could lead to an agreement. eCombsutible is in midst of developing hydrogen-based alternative fuel. It has been running industrial-scale tests on its technology for the past few months. So, a potential deal with BENE could be a massive boost for Benessere’s business in the future to come.  

Q2 2021 financial results

On 23rd August, BENE reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June 2021. The company had cash and cash equivalents of $0.46 million on 30th June. At the time, the total assets in possession of the company were $117.32 million, while the total liabilities were estimated to be $8.57 billion. The total costs bore by the company during three month period were $0.14 million. The franchise tax expense for the three months was $83,333. The company suffered a loss of $0.22 million from operational costs during the period. The net loss for the three months was $0.94 million. The basic and diluted loss per share for the three months was estimated to be $0.21.

What’s next for BENE?

During the last three months, BENE has surged more than 15%. The surge is primarily attributable to business expansion plans, like rumours of mergers, etc. Analysts believe that in case of a successful deal between eCombustible and Benessere, the company could reap numerous benefits. So, potential investors should keep a close eye on fluctuations in BENE stock.

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