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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report
(Date of earliest event reported): December 8, 2023
Nabors Energy Transition Corp.
(Exact name of registrant as specified in its charter)
| Delaware |
|
001-41073 |
|
86-2916523 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
515 West Greens Road, Suite 1200
Houston, Texas 77067 |
| (Address of principal executive offices, including zip code) |
| Registrant’s telephone number, including area code: (281) 874-0035 |
| |
| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
| x | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered
|
| Units, each consisting of one share of Class A common stock and one-half of one warrant |
|
NETC.U |
|
The New York Stock Exchange |
| Class A common stock, par value $0.0001 per share |
|
NETC |
|
The New York Stock Exchange |
| Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
|
NETC.WS |
|
The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule
12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
On December 8, 2023, Nabors Energy Transition
Corp. (the “Company”) convened a special meeting (the “Special Meeting”), and the Company’s stockholders
voted on the proposals set forth below, each of which is described in greater detail in the definitive proxy statement on Schedule 14A
(File No. 001-41073), filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on November 22,
2023.
There were 16,750,641 shares of common stock issued
and outstanding at the close of business on November 1, 2023, the record date (the “Record Date”) for the Special Meeting.
At the Special Meeting, there were 14,217,907 shares present either by proxy or online, representing approximately 84.9% of the total
outstanding shares of the Company’s common stock as of the Record Date.
A summary of the voting results for each proposal
is set forth below.
Proposal No. 1 – The Extension Amendment Proposal
The stockholders approved and adopted the Company’s
third amended and restated certificate of incorporation (the “Amended Charter”) to allow the Company’s board of directors,
without another stockholder vote, to elect to extend the date by which the Company has to consummate a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses or
entities up to three times for an additional one month each time (each such month, a “Monthly Extension Period”) (but in no
event to a date later than 28 months from the closing of the Company’s initial public offering (the “IPO”)), provided,
that Nabors Energy Transition Sponsor LLC, a Delaware limited liability company (the “Sponsor”) (or its affiliates or designees),
deposits $200,000 into the trust account (the “Trust Account”) established in connection with the IPO for each Monthly Extension
Period in exchange for a non-interest bearing, unsecured promissory note (the “Monthly Extension Option” and such proposal,
the “Extension Amendment Proposal”). The voting results were as follows:
|
Votes For |
Votes Against |
Abstentions |
| 13,094,494 |
1,123,413 |
0 |
Proposal No. 2 – The Trust Amendment Proposal
The stockholders approved and adopted the Second
Amended and Restated Investment Management Trust Agreement between the Company and Continental Stock Trust & Transfer Company
to reflect the Monthly Extension Option (the “Trust Amendment Proposal”). The voting results were as follows:
|
Votes For |
Votes Against |
Abstentions |
| 13,094,507 |
1,123,400 |
0 |
Proposal No. 3 – The Adjournment Proposal
The stockholders approved the adjournment of the
Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated
vote at the time of the Special Meeting, there are insufficient shares of Class A common stock, par value $0.0001 per share (the
“Class A Common Stock”), shares of Class B common stock, par value $0.0001 per share, and shares of Class F
common stock, par value $0.0001 per share, in the capital of the Company represented (either virtually or by proxy) to constitute a quorum
necessary to conduct business at the Special Meeting or at the time of the Special Meeting to approve the Extension Amendment Proposal
or the Trust Amendment Proposal. The voting results were as follows:
|
Votes For |
Votes Against |
Abstentions |
| 13,094,507 |
1,123,400 |
0 |
Stockholders holding 4,374,198 shares of
Class A Common Stock issued as part of the units sold in the IPO exercised their right to redeem such shares for a pro rata
portion of the funds in the Trust Account. As a result, approximately $48.1 million (or
approximately $10.99 per share) will be removed from the Trust Account to pay such holders if the Company files the Amended Charter. The Company will only file the Amended
Charter to implement the Monthly Extension Option (the “Extension Amendment”) if its previously announced initial
business combination (the “Business Combination”) with Vast Renewables Limited (f/k/a Vast Solar Pty Ltd)
(“Vast”) is not consummated by December 18, 2023, which has been submitted to a vote of the Company’s stockholders
scheduled for December 13, 2023 (the “Business Combination Meeting”). To the extent the Business Combination is
consummated before the Extension Amendment is filed and effective, a stockholder who validly exercised its redemption rights in
accordance with the Special Meeting will be deemed to have validly elected to redeem such shares in connection with the Business
Combination Meeting.
On December 8,
2023, the Company issued a press release announcing the results of the Special Meeting. A copy of the press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Important Information about the Business Combination and Where to
Find It
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
On February 14, 2023, the Company
entered into that certain Business Combination Agreement (as may be amended, supplemented or otherwise modified from time to time,
the “BCA”), by and among Vast, Neptune Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Vast
(“Merger Sub”), the Sponsor, and Nabors Industries Ltd. (“Nabors”), pursuant to which, among other things
and subject to the terms and conditions contained therein, Merger Sub will merge with and into the Company, with the Company
continuing as the surviving corporation and a wholly owned direct subsidiary of Vast. In connection with the proposed Business
Combination, Vast has filed a registration statement on Form F-4 (File No. 333-272058) (as amended, the
“Registration Statement”) with the SEC, which includes (i) a prospectus of Vast relating to the offer of securities
to be issued in connection with the proposed Business Combination and (ii) a definitive proxy statement of the Company, which
has been distributed to holders of the Company’s capital stock in connection with the Company’s solicitation of proxies
for the vote by the Company’s stockholders with respect to the proposed Business Combination and other matters described in
the Registration Statement. The Company and Vast also plan to file other documents with the SEC regarding the proposed Business
Combination. The Registration Statement was declared effective by the SEC on November 21, 2023, and the definitive proxy
statement/prospectus was mailed to the stockholders of the Company on or about November 22, 2023. INVESTORS AND SECURITY
HOLDERS OF THE COMPANY AND VAST ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN
(INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT HAVE
BEEN OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders are able to obtain
free copies of the proxy statement/prospectus and other documents containing important information about the Company and Vast once such
documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. In addition, the documents
filed by the Company may be obtained free of charge from the Company’s website at www.nabors-etcorp.com or by written
request to the Company at 515 West Greens Road, Suite 1200, Houston, TX 77067.
Participants in the Solicitation
The Company, Nabors, Vast and their respective
directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company
in connection with the proposed Business Combination. Information about the directors and executive officers of the Company is set forth
in the Registration Statement. To the extent that holdings of the Company’s securities have changed since the amounts printed in
the Registration Statement filed on November 22, 2023, such changes have been or will be reflected on Statements of Change in Ownership
on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, are contained in the Registration Statement and will be contained in other
relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in
the preceding paragraph.
Forward-Looking Statements
The information included herein and in any
oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements,
other than statements of present or historical fact included herein are forward-looking statements. When used herein, including any
oral statements made in connection herewith, the words “could,” “should,” “will,”
“may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking
statements are based on the Company and Vast management’s current expectations and assumptions about future events and are
based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable
law, the Company and Vast disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the
statements in this section, to reflect events or circumstances after the date hereof. The Company and Vast caution you that these
forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are
beyond the control of the Company and Vast. These risks include, but are not limited to, general economic, financial, legal,
political and business conditions and changes in domestic and foreign markets; the inability to complete the Business Combination or
the convertible debt and equity financings contemplated in connection with the proposed Business Combination, including the proposed
financing from Capital Airport Group and Nabors Lux 2 S.a.r.l. (“Nabors Lux”) pursuant to the Backstop Agreement, dated as of
October 19, 2023, by and between Vast and Nabors Lux (the “Financing”), in a timely manner or at all (including due to
the failure to receive required stockholder or shareholder, as applicable, approvals, or the failure of other closing conditions
such as the satisfaction of the minimum trust account amount following redemptions by the Company’s public stockholders and
the receipt of certain governmental and regulatory approvals), which may adversely affect the price of the Company’s
securities; the inability of the Business Combination to be completed by the Company’s business combination deadline and the
potential failure to obtain an extension of the business combination deadline if sought by the Company; the occurrence of any event,
change or other circumstance that could give rise to the termination of the Business Combination or the Financing; the inability to
recognize the anticipated benefits of the proposed Business Combination; the inability to obtain or maintain the listing of
Vast’s shares on a national exchange following the consummation of the proposed Business Combination; costs related to the
proposed Business Combination; the risk that the proposed Business Combination disrupts current plans and operations of Vast,
business relationships of Vast or Vast’s business generally as a result of the announcement and consummation of the proposed
Business Combination; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the
completion of the Port Augusta project, at all or in a timely manner and meet its projections; potential disruption in Vast’s
employee retention as a result of the proposed Business Combination; potential litigation, governmental or regulatory proceedings,
investigations or inquiries involving Vast or the Company, including in relation to the proposed Business Combination; changes in
applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services.
Additional risks are set forth in the section titled “Risk Factors” in the Registration Statement and other documents
filed, or to be filed with the SEC in connection with the proposed Business Combination. Should one or more of the risks or
uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove
incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s
periodic filings with the SEC, including the Company’s Annual Report on Form 10-K filed with the SEC on March 22,
2023 and any subsequently filed Quarterly Reports on Form 10-Q. The Company’s SEC filings are available publicly on the
SEC’s website at www.sec.gov.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: December 11, 2023
| |
NABORS ENERGY TRANSITION CORP. |
| |
|
| |
By: |
/s/
Anthony G. Petrello |
| |
Name: |
Anthony G. Petrello |
| |
Title: |
President, Chief Executive Officer and Secretary |
Exhibit 99.1
Nabors Energy Transition Corp. Announces Stockholder
Approval of Extension of Deadline to Complete Initial Business Combination
HOUSTON, TX, December 8, 2023 – Nabors
Energy Transition Corp. (“NETC” or the “Company”) (NYSE: NETC, NETC.WS, NETC.U) announced today that, at a special meeting of NETC stockholders held on December 8, 2023 (the “Extension Meeting”), its stockholders
approved an extension of the date by which it has to consummate its initial business combination, allowing the Company’s board of
directors, without another stockholder vote, to extend such date up to three times for an additional one month each time (but in no event
to a date later than 28 months from the closing of NETC’s initial public offering) (each such month, a “Monthly Extension
Period”) by depositing $200,000 for each Monthly Extension Period into the Company’s trust account for its public stockholders.
The Company will only file the third amended and restated certificate of incorporation to implement the extension (the “Extension Amendment”)
if its previously announced initial business combination
(the “Business Combination”) with Vast Renewables Limited (f/k/a Vast Solar Pty Ltd) (“Vast”) is not consummated by December 18, 2023, which has been submitted to a vote of NETC stockholders scheduled for December 13, 2023 (the
“Business Combination Meeting”). To the extent the Business Combination is consummated before the Extension Amendment is filed
and effective, a stockholder who validly exercised its redemption rights in accordance with the Extension Meeting will be deemed to have
validly elected to redeem such shares in connection with the Business Combination Meeting.
About Nabors Energy Transition Corp.
NETC is a blank check company formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses or entities. NETC was formed to identify solutions, opportunities, companies or technologies that focus on advancing
the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while
satisfying growing energy consumption across markets globally.
Important Information about the Business Combination
and Where to Find It
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
In connection with the proposed Business Combination,
Vast has filed a registration statement on Form F-4 (File No. 333-272058) (as amended, the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”), which includes (i) a prospectus of Vast relating to the offer
of securities to be issued in connection with the proposed Business Combination and (ii) a definitive proxy statement of the Company,
which has been distributed to holders of the Company’s capital stock in connection with the Company’s solicitation of proxies
for the vote by the Company’s stockholders with respect to the proposed Business Combination and other matters described in the
Registration Statement. The Company and Vast also plan to file other documents with the SEC regarding the proposed Business Combination.
The Registration Statement was declared effective by the SEC on November 21, 2023, and the definitive proxy statement/prospectus
was mailed to the stockholders of the Company on or about November 22, 2023. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND VAST
ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT HAVE BEEN OR WILL BE FILED WITH THE SEC CAREFULLY
AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders are able to obtain
free copies of the proxy statement/prospectus and other documents containing important information about the Company and Vast once such
documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. In addition, the documents
filed by the Company may be obtained free of charge from the Company’s website at www.nabors-etcorp.com or by written
request to the Company at 515 West Greens Road, Suite 1200, Houston, TX 77067.
Participants in the Solicitation
The Company, Nabors Industries Ltd., Vast and
their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders
of the Company in connection with the proposed Business Combination. Information about the directors and executive officers of the Company
is set forth in the Registration Statement. To the extent that holdings of the Company’s securities have changed since the amounts
printed in the Registration Statement filed on November 22, 2023, such changes have been or will be reflected on Statements of Change
in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description
of their direct and indirect interests, by security holdings or otherwise, are contained in the Registration Statement and will be contained
in other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described
in the preceding paragraph.
Forward-Looking Statements
The information included herein and in any
oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements,
other than statements of present or historical fact included herein are forward-looking statements. When used herein, including any
oral statements made in connection herewith, the words “could,” “should,” “will,”
“may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking
statements are based on the Company and Vast management’s current expectations and assumptions about future events and are
based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable
law, the Company and Vast disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the
statements in this section, to reflect events or circumstances after the date hereof. The Company and Vast caution you that these
forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are
beyond the control of the Company and Vast. These risks include, but are not limited to, general economic, financial, legal,
political and business conditions and changes in domestic and foreign markets; the inability to complete the Business Combination or
the convertible debt and equity financings contemplated in connection with the proposed Business Combination, including the proposed
financing from Capital Airport Group and Nabors Lux 2 S.a.r.l. (“Nabors Lux”) pursuant to the Backstop Agreement, dated as of
October 19, 2023, by and between Vast and Nabors Lux (the “Financing”), in a timely manner or at all (including due to
the failure to receive required stockholder or shareholder, as applicable, approvals, or the failure of other closing conditions
such as the satisfaction of the minimum trust account amount following redemptions by the Company’s public stockholders and
the receipt of certain governmental and regulatory approvals), which may adversely affect the price of the Company’s
securities; the inability of the Business Combination to be completed by the Company’s business combination deadline and the
potential failure to obtain an extension of the business combination deadline if sought by the Company; the occurrence of any event,
change or other circumstance that could give rise to the termination of the Business Combination or the Financing; the inability to
recognize the anticipated benefits of the proposed Business Combination; the inability to obtain or maintain the listing of
Vast’s shares on a national exchange following the consummation of the proposed Business Combination; costs related to the
proposed Business Combination; the risk that the proposed Business Combination disrupts current plans and operations of Vast,
business relationships of Vast or Vast’s business generally as a result of the announcement and consummation of the proposed
Business Combination; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the
completion of the Port Augusta project, at all or in a timely manner and meet its projections; potential disruption in Vast’s
employee retention as a result of the proposed Business Combination; potential litigation, governmental or regulatory proceedings,
investigations or inquiries involving Vast or the Company, including in relation to the proposed Business Combination; changes in
applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services.
Additional risks are set forth in the section titled “Risk Factors” in the Registration Statement and other documents
filed, or to be filed with the SEC in connection with the proposed Business Combination. Should one or more of the risks or
uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove
incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s
periodic filings with the SEC, including the Company’s Annual Report on Form 10-K filed with the SEC on March 22,
2023 and any subsequently filed Quarterly Reports on Form 10-Q. The Company’s SEC filings are available publicly on the
SEC’s website at www.sec.gov.
Investor Relations Contact
William C. Conroy
william.conroy@nabors-etcorp.com
v3.23.3
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- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=netc_UnitsEachConsistingOfOneShareOfClassCommonStockAndOnehalfOfOneWarrantMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_WarrantMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
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