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Flame Acquisition Corp. - FLME

  • Commons

    $9.76

    +0.18%

    FLME Vol: 1.6K

  • Warrants

    $0.70

    -1.39%

    FLME+ Vol: 0.0

  • Units

    $10.04

    -0.50%

    FLME= Vol: 100.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 280.5M
Average Volume: 41.4K
52W Range: $9.57 - $10.02
Weekly %: -0.02%
Monthly %: +0.08%
Inst Owners: 67

Info

Target: Searching
Days Since IPO: 276
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-half of one redeemable warrant
Trust Size: 25000000.0M

Management

Our officers, directors and director nominees are as follows: Name Age Position James C. Flores 61 Chairman, Chief Executive Officer and President Gregory D. Patrinely 35 Chief Financial Officer and Secretary Michael E. Dillard 62 Director Nominee Gregory P. Pipkin 61 Director Nominee Christopher B. Sarofim 57 Director Nominee Executive Officers James C. Flores. Mr. Flores is our co-founder and has served as our President, Chief Executive officer and Chairman of our board of directors since our inception in October 2020. From May 2017 until February 2021, Mr. Flores served as President, Chief Executive Officer and Chairman of Sable Permian Resources, which engaged in the acquisition, consolidation and optimization of oil and gas upstream opportunities. Sable Permian Resources filed a voluntary petition for bankruptcy on June 25, 2020 and emerged from bankruptcy on February 1, 2021. Prior to Sable Permian Resources, Mr. Flores served as Vice Chairman of Freeport-McMoRan, Inc. and CEO of Freeport-McMoRan Oil & Gas, a wholly owned subsidiary of Freeport-McMoRan Inc., the world’s largest publicly traded copper producer, from June 2013 until April 2016. From 2001 until 2013, Mr. Flores was the Chairman, CEO and President of Plains Exploration & Production Company and Chairman and CEO of Plains Resources Inc. From 1994 until 2000, Mr. Flores was also the Chairman and CEO of Flores & Rucks, Inc. which, after several acquisitions, was later renamed Ocean Energy Inc. prior to its sale to Devon Energy Corporation. Since 1982, Mr. Flores has had an extensive career in the oil and gas industry in the roles of Chairman, Chief Executive Officer, and President of four public and one private oil & gas exploration and production companies. He serves on the board of directors of Colonnade Acquisition Corp., is a member of the National Petroleum Council, serves as Trustee for the Baylor College of Medicine and is a Director for the Waterfowl Research Foundation. He was recognized as Executive of the Year in 2004 in Oil and Gas Investor magazine. Mr. Flores received a B.S. degree in corporate finance and petroleum land management from Louisiana State University. We believe Mr. Flores is qualified to serve on our board of directors due to his more than 35 years in the oil and gas industry, including as Chief Executive Officer of several public companies. Gregory D. Patrinely. Mr. Patrinely has served as our Chief Financial Officer and Secretary since our inception in October 2020. From June 2018 until February 2021, Mr. Patrinely served as Executive Vice President and Chief Financial Officer of Sable Permian Resources, which engaged in the acquisition, consolidation and optimization of oil and gas upstream opportunities. Sable Permian Resources filed a voluntary petition for bankruptcy on June 25, 2020 and emerged from bankruptcy on February 1, 2021. Mr. Patrinely previously served as Treasurer for Sable Permian Resources, from May 2017 to June 2018, where he oversaw the financial analysis and execution of refinancing, restructuring and acquisition efforts. Prior to Sable Permian Resources, Mr. Patrinely was a Manager in the Acquisitions & Divestments Group of Freeport-McMoRan Oil & Gas, a wholly owned subsidiary of Freeport-McMoRan Inc., from May 2015 to May 2017, where he managed the execution of financings, mergers, acquisitions and divestments. Mr. Patrinely holds a B.S. degree in Economics with Financial Applications and a B.A. degree in English, with Honors, from Southern Methodist University. Directors and Director Nominees James C. Flores. Mr. Flores’ business background information is set forth under “Executive Officers” above. Michael E. Dillard. Mr. Dillard has agreed to serve on our board of directors. He was a partner with the law firm of Latham & Watkins LLP from January 2010 until January 2021. He was a founding partner of the Houston, Texas office of Latham & Watkins LLP, serving as the Houston Office Managing Partner from January 2010 through March 2015. Mr. Dillard was Global Practice Group Chair of Mergers and Acquisitions for Latham & Watkins LLP from March 2018 until January 2021. Mr. Dillard has been involved in M&A transactions valued in excess of $250 billion. Mr. Dillard is the Vice Chair of the Board of Trustees of Cristo Rey College Preparatory School of Houston, a high school which offers a rigorous college preparatory education to students from low-income families in the Houston area. Mr. Dillard received a B.A. degree in Mathematics from Southern Methodist 115 University in 1979 (summa cum laude) and a Juris Doctor degree from Southern Methodist University Dedman School of Law in 1982 (cum laude). We believe Mr. Dillard is qualified to serve on our board of directors due to his extensive experience in mergers and acquisitions, financing transactions and corporate governance and related matters. Gregory P. Pipkin. Mr. Pipkin has agreed to serve on our board of directors. Since November 2016, he has been a Senior Managing Director with the investment and advisory firm of NRI Energy Partners. Prior to NRI Energy Partners, Mr. Pipkin served as the co-head and Managing Director of the Houston office of the Barclays Natural Resources Group for Barclays PLC, from September 2008 to November 2016. Mr. Pipkin is a board member of Family Legacy Missions International, a mission in Lusaka, Zambia that educates and feeds impoverished and orphaned children. Mr. Pipkin also serves on the board of Morningstar Partners LP, an oil and gas producer primarily in the central basin platform in the Permian basin, Texas. Mr. Pipkin received a B.S. degree in chemical engineering and an M.B.A. degree in Business Administration from the University of Texas at Austin. We believe Mr. Pipkin is qualified to serve on our board of directors due to his extensive investment experience in the energy industry. Christopher B. Sarofim. Mr. Sarofim has agreed to serve on our board of directors. Mr. Sarofim is the Vice Chairman and a member of the Board of Directors of Fayez Sarofim & Co., an SEC-registered investment advisory firm based in Houston, Texas. Mr. Sarofim joined the firm in 1988 and has been a member of its Board since August 2014. Additionally, he serves on the firm’s Executive, Finance and Investment Committees. Mr. Sarofim shares portfolio management responsibilities for numerous separate accounts advised by the firm and is a co-manager of several mutual funds Fayez Sarofim & Co. sub-advises for BNY Mellon. Prior to joining Fayez Sarofim & Co., he was employed with Goldman Sachs & Co. LLC in corporate finance. In addition to his work at Fayez Sarofim & Co., Mr. Sarofim serves on the boards of Kemper Corp. (NYSE: KMPR), Highland Resources Inc. and Wood Partners. Mr. Sarofim is a member of the Board of Trustees of The Brown Foundation, Inc., St. John’s School, Baylor College of Medicine, and serves on the MD Anderson Cancer Center Board of Visitors. Mr. Sarofim received an A.B. degree in History from Princeton University in 1986. We believe Mr. Sarofim is qualified to serve on our board of directors due to his extensive investment advisory background, board experience, and financial market and securities analysis expertise. Sable Permian Bankruptcy On June 25, 2020, Sable Permian Resources, LLC and its subsidiaries (collectively, “Sable”), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Since June 25, 2020, Sable has continued to manage and operate its businesses as debtors-in-possession pursuant to Sections 1107 and 1108 of the federal bankruptcy laws. On December 1, 2020, Sable filed a proposed plan of reorganization (the “Plan”), which the Bankruptcy Court conditionally approved on December 17, 2020. Pursuant to the Plan, among other actions, Sable Land Company LLC (“Sable Land”), which is an indirect, wholly owned subsidiary of Sable, will reorganize and Sable Land’s lenders will receive an equity interest in Sable Land and replace Sable’s management with a third party operator that will operate Sable Land going forward. On January 29, 2021, the Bankruptcy Court entered an order confirming Sable’s Plan and the Plan went effective on February 1, 2021. As of February 1, 2021, Mr. Flores and Mr. Patrinely were no longer employed by or affiliated with Sable. Number and Terms of Office of Officers and Directors We intend to have four directors upon completion of this offering. Our Board will be divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. The term of office of the first class of directors, consisting of Michael E. Dillard, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting of Gregory P. Pipkin, will expire at the second annual meeting of stockholders. The term of office of the third class of directors, consisting of James C. Flores and Christopher B. Sarofim, will expire at the third annual meeting of stockholders. We may add more independent directors after the completion of our initial public offering. Under our amended and restated certificate of incorporation, holders of our founder shares will have the right to elect all of our directors prior to consummation of our initial business combination and holders of our public shares will not have the right to vote on the election of directors during such time. These provisions of our amended and restated certificate of incorporation may only be amended if approved by holders of at least 90% of our 116 outstanding common stock entitled to vote thereon. Subject to any other special rights applicable to the stockholders, any vacancies on our Board may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our board or by a majority of the holders of our founder shares. Our officers are appointed by the Board and serve at the discretion of the Board, rather than for specific terms of office. Our Board is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist of one or more Chief Executive Officer, a Chief Financial Officer, a Secretary and such other officers (including without limitation, a Chairman of the Board, Chief Operating Officer, Presidents, Vice Presidents, Partners, Managing Directors and Senior Managing Directors) and such other offices as may be determined by the Board. Director Independence The NYSE listing standards require that a majority of our board of directors be independent. An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director. We intend to add “independent directors” as defined in the NYSE listing standards and applicable SEC rules prior to completion of this offering. Upon the effectiveness of the registration statement of which this prospectus forms a part, we expect to have three “independent directors” as defined in the NYSE listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. Officer and Director Compensation None of our officers or directors has received any cash compensation for services rendered to us. No compensation of any kind, including finder’s and consulting fees, will be paid to our sponsor, officers and directors, or any of their respective affiliates, for services rendered prior to or in connection with the completion of our initial business combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Additionally, in connection with the successful completion of our initial business combination, we may determine to provide a payment to our sponsor, officers, directors, advisors or our or their affiliates; however any such payment would not be made from the proceeds of this offering held in the trust account and we currently do not have any agreement or arrangement with any such party to do so. Our audit committee will review on a quarterly basis all payments that were or are to be made to our sponsor, officers or directors, or our or their affiliates. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to our officers will be determined, or recommended to the Board for determination, either by a compensation committee constituted solely by independent directors or by a majority of independent directors on our board of directors. Following a business combination, to the extent we deem it necessary, we may seek to recruit additional managers to supplement the incumbent management team of the target business. We cannot assure you that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary to enhance the incumbent management. Committees of the Board of Directors Upon the effective date of the registration statement of which this prospectus forms part, our Board will have two standing committees: an audit committee and a compensation committee. Each committee will operate under a charter that will be approved by our board and will have the composition and responsibilities described below. The charter of each committee will be available on our website. 117 Audit Committee Prior to the consummation of this offering, we will establish an audit committee of the Board. Michael E. Dillard, Gregory P. Pipkin and Christopher B. Sarofim will serve as members of our audit committee. Under the NYSE listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent. Because we expect to list our securities on the NYSE in connection with our initial public offering, our audit committee must have one independent member at the time of listing, a majority of independent members within 90 days of listing, and consist of all independent members within one year of listing. Christopher B. Sarofim meets the independent director standard under the NYSE’s listing standard and under Rule 10A-3(b)(1) of the Exchange Act, and will serve as chairman of the audit committee. Each member of the audit committee is financially literate and our Board has determined that Christopher B. Sarofim qualifies as an “audit committee financial expert” as defined in applicable SEC rules. We will adopt an audit committee charter, which will detail the principal functions of the audit committee, including: • the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by us; • pre-approving all audit and permitted non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; • reviewing and discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence; • setting clear hiring policies for employees or former employees of the independent auditors; • setting clear policies for audit partner rotation in compliance with applicable laws and regulations; • obtaining and reviewing a report, at least annually, from the independent auditors describing (i) the independent auditor’s internal quality-control procedures and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues; • reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and • reviewing with management, the independent auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities. Compensation Committee Prior to the consummation of this offering, we will establish a compensation committee of the Board. Gregory P. Pipkin and Christopher B Sarofim will serve as members of our compensation committee. Because we expect to list our securities on the NYSE in connection with our initial public offering, our compensation committee must have one independent member at the time of listing, a majority of independent members within 90 days of listing, and consist of all independent members within one year of listing. Gregory P Pipkin meets the independent director standard under the NYSE listing standards, and will serve as chairman of the compensation committee. 118 We will adopt a compensation committee charter, which will detail the principal functions of the compensation committee, including: • reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation; • reviewing and approving on an annual basis the compensation of all of our other officers; • reviewing on an annual basis our executive compensation policies and plans; • implementing and administering our incentive compensation equity-based remuneration plans; • assisting management in complying with our proxy statement and annual report disclosure requirements; • approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees; • if required, producing a report on executive compensation to be included in our annual proxy statement; and • reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors. Notwithstanding the foregoing, as indicated above,

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 55.14%
% of Float Held by Institutions 55.14%
Number of Institutions Holding Shares 67

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Tortoise Energy Infrastructure Corp 117800 2021-06-29 1137948 0.40999999999999986
AQR Funds-AQR Diversified Arbitrage Fd 100000 2021-06-29 966000 0.35000000000000003
Tortoise Midstream Energy Fund, Inc. 64400 2021-06-29 622104 0.22
Tortoise Power and Energy Infrastructure Fund, Inc. 30500 2021-06-29 294630 0.11
Tortoise Pipeline & Energy Fund 19600 2021-06-29 189336 0.07
Tortoise Energy Independence Fund, Inc. 11100 2021-06-29 107226 0.04
Tidal ETF Tr-Robinson Alternative Yield Pre-Merger SPAC ETF 9646 2021-07-30 93276 0.03
Greenspring Fund, Incorporated 8700 2021-06-29 84042 0.03
RiverNorth Opportunities Fd 4258 2021-07-30 41174 0.01
SEI Institutional Managed Tr-Multi Strategy Alternative Fund 1540 2021-06-29 14876 0.01

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-17 Centiva Capital LP 70,000 $680,000 0.0% -33.3% 0.195%
2021-11-16 Toroso Investments LLC 10,560 $100,000 0.0% 0 0.029%
2021-11-16 Centiva Capital LP 70,000 $680,000 0.0% -33.3% 0.195%
2021-11-15 Omni Partners US LLC 111,561 $1,080,000 0.1% -4.2% 0.310%
2021-11-15 Hudson Bay Capital Management LP 365,004 $3,550,000 0.0% -2.7% 1.016%
2021-11-15 Dark Forest Capital Management LP 115,183 $1,120,000 0.4% 0 0.321%
2021-11-15 HighTower Advisors LLC 629,336 $6,110,000 0.0% -0.8% 1.751%
2021-11-12 Mariner Investment Group LLC 20,000 $190,000 0.5% +100.0% 0.056%
2021-11-09 Robinson Capital Management LLC 38,758 $380,000 0.3% +1,149.5% 0.108%
2021-11-04 Corbyn Investment Management Inc. MD 58,990 $570,000 0.2% 0 0.164%
2021-10-28 Mizuho Securities USA LLC 15,000 $140,000 0.0% -80.9% 0.042%
2021-08-17 ATW Spac Management LLC 300,000 $2,900,000 0.7% 0 0.835%
2021-08-13 Qube Research & Technologies Ltd 18,682 $180,000 0.0% 0 0.052%
2021-08-12 Commonwealth of Pennsylvania Public School Empls Retrmt SYS 50,000 $480,000 0.0% 0 0.139%
2021-08-11 Ramius Advisors LLC 11,734 $110,000 0.0% -79.6% 0.033%
2021-08-06 HighTower Advisors LLC 634,636 $6,130,000 0.0% 0 1.766%

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2021-11-22 https://www.sec.gov/Archives/edgar/data/1831481/000119312521336706/d222314d10q.htm
8-K 8-K 2021-11-17 https://www.sec.gov/Archives/edgar/data/1831481/000119312521332516/d239935d8k.htm
NT 10-Q NT 10-Q 2021-11-15 https://www.sec.gov/Archives/edgar/data/1831481/000119312521329953/d72056dnt10q.htm
SC 13G FORM SC 13G 2021-08-27 https://www.sec.gov/Archives/edgar/data/1831481/000106299321007994/formsc13g.htm
10-Q 10-Q 2021-08-16 https://www.sec.gov/Archives/edgar/data/1831481/000119312521247683/d151708d10q.htm
8-K 8-K 2021-06-01 https://www.sec.gov/Archives/edgar/data/1831481/000119312521177895/d170570d8k.htm
10-Q 10-Q 2021-05-28 https://www.sec.gov/Archives/edgar/data/1831481/000119312521176996/d49313d10q.htm
NT 10-Q NT 10-Q 2021-05-17 https://www.sec.gov/Archives/edgar/data/1831481/000119312521163630/d381453dnt10q.htm
8-K 8-K 2021-04-19 https://www.sec.gov/Archives/edgar/data/1831481/000156459021019438/k0001831481-8k_20210419.htm
8-K 8-K 2021-03-08 https://www.sec.gov/Archives/edgar/data/1831481/000156459021011326/k0001831481-8k_20210301.htm
4 FORM 4 SUBMISSION 2021-03-03 https://www.sec.gov/Archives/edgar/data/1831481/000089924321009381/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-03-03 https://www.sec.gov/Archives/edgar/data/1831481/000089924321009378/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-03-03 https://www.sec.gov/Archives/edgar/data/1831481/000089924321009377/xslF345X03/doc4.xml
8-K 8-K 2021-03-02 https://www.sec.gov/Archives/edgar/data/1831481/000156459021010269/k0001831481-8k_20210224.htm
424B4 424B4 2021-02-26 https://www.sec.gov/Archives/edgar/data/1831481/000156459021009504/k0001831481-424b4.htm
EFFECT 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/999999999521000727/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000089924321008124/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000089924321008123/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000089924321008120/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000089924321008119/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000089924321008117/xslF345X02/doc3.xml
CERT NYSE CERTIFICATION 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000087666121000251/FLME022421.pdf
8-A12B 8-A12B 2021-02-24 https://www.sec.gov/Archives/edgar/data/1831481/000095012321003111/k0001831481-8k_20210224.htm
CORRESP 2021-02-23 https://www.sec.gov/Archives/edgar/data/1831481/000156459021007341/filename1.htm
CORRESP 2021-02-23 https://www.sec.gov/Archives/edgar/data/1831481/000156459021007335/filename1.htm
CORRESP 2021-02-22 https://www.sec.gov/Archives/edgar/data/1831481/000156459021007170/filename1.htm
S-1/A S-1/A 2021-02-22 https://www.sec.gov/Archives/edgar/data/1831481/000156459021007167/k0001831481-s1a.htm
UPLOAD 2021-02-22 https://www.sec.gov/Archives/edgar/data/1831481/000000000021002125/filename1.pdf
S-1/A S-1/A 2021-02-18 https://www.sec.gov/Archives/edgar/data/1831481/000156459021006572/k0001831481-s1a.htm
CORRESP 2021-02-05 https://www.sec.gov/Archives/edgar/data/1831481/000156459021004548/filename1.htm
S-1 S-1 2021-02-05 https://www.sec.gov/Archives/edgar/data/1831481/000156459021004540/k0001831481-s1.htm
UPLOAD 2020-12-23 https://www.sec.gov/Archives/edgar/data/1831481/000000000020012373/filename1.pdf
DRS 2020-11-30 https://www.sec.gov/Archives/edgar/data/1831481/000095012320012409/filename1.htm