Hecate Energy and EGH Acquisition Corp. Provide Update on Path to Planned Nasdaq Listing and Progress Toward Business Combination

Hecate and EGH confirm progress toward Hecate’s planned Nasdaq listing under the ticker “HCTE” and update the expected closing timeline following the resolution of matters involving Hecate’s lenders and related litigation.

Leadership at Hecate and EGH reiterate confidence in the Company’s execution, balance sheet and readiness for the public markets, describing the planned listing as a natural next step in Hecate’s growth strategy and capital flexibility.

CHICAGO and NEW YORK, Aug. 28, 2026 (GLOBE NEWSWIRE) — Hecate Energy LLC (“ Hecate ” or the “ Company ”), a leading U.S. developer of utility-scale energy parks, and EGH Acquisition Corp. (NASDAQ: EGHAU, EGHA, EGHAR ) (“ EGH ”), a publicly traded special purpose acquisition company, today provided an update on the previously announced definitive business combination that would result in Hecate becoming a publicly listed company on Nasdaq under the ticker “ HCTE ”.

On January 22, 2026, Hecate Energy Group LLC announced a business combination with EGH that values Hecate at a pre‑money enterprise value of approximately $1.2 billion. Subject to customary closing conditions, including approval by EGH shareholders, the transaction is now expected to close in early Q1 2027. The transaction is intended to provide capital to support the development and monetization of Hecate’s portfolio of utility‑scale energy parks across the United States.

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Over the past several months, Hecate has worked with its lenders to address certain legal and documentation matters, including related litigation, associated with Hecate’s existing financing arrangements. Those matters have now been fully resolved, and no further actions are required from Hecate or its lenders in connection with these matters. The resolution removes an overhang on the de‑SPAC process and aligns Hecate, EGH and the lender group around the successful completion of the business combination, which is now expected to close the first quarter of 2027.

Hecate and EGH confirm that the business combination remains on track, and the parties continue to advance regulatory, shareholder and other customary closing processes. The Hecate and EGH teams remain focused on executing the strategic plan outlined at the time of the original transaction announcement.

In addition, Hecate is in discussions with potential interim investors regarding additional capital that would further support the de-SPAC process, strengthen the balance sheet and help accelerate pipeline development and growth.

“The positive conclusion to this phase of our process reinforces the strength of our platform and balance sheet, and allows the entire team to stay fully focused on what we do best: advancing a large, deliverable portfolio of energy parks positioned to serve the fastest‑growing demand segments in U.S. power,” said Chris Bullinger, President and CEO of Hecate Energy . “We appreciate EGH’s continued partnership, guidance and confidence throughout this process.