07:40 AM EST, 12/19/2024 (MT Newswires) -- Verde Clean Fuels ( VGAS ) said Thursday that it has signed a stock purchase agreement under which Diamondback Energy's ( FANG ) Cottonmouth Ventures unit will make a $50 million equity investment in Verde.

The company said Cottonmouth will acquire 12.5 million shares of Verde's common stock at $4 per share, bringing its total investment in Verde to $70 million and making it the company's second largest shareholder.

Shares of Verde Clean Fuels ( VGAS ) were up 8.8% in recent premarket activity.

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