On April 21, 2025, Forbes & Manhattan Resources Inc., a Canadian-based investment firm, entered into a definitive agreement to acquire Papaya Growth Opportunity Corp. I (OTCPK:PPYA) in a reverse merger valued at approximately USD 160 million (approximately CAD 220 million). Upon completion of the transaction, the combined entity will be named PX Energy and will maintain its headquarters in Brazil. The company plans to list its ordinary shares on the Nasdaq exchange. Following the close, and assuming no redemptions by Papaya shareholders, existing shareholders of PX are expected to own over 53% of the combined company. The transaction remains subject to regulatory and shareholder approvals and is anticipated to close in late 2025.

Cohen & Company Capital Markets, LLC served as financial advisor to PX Energy. Legal counsel to PX Energy included Loeb & Loeb LLP and Canadian counsel Cassels Brock & Blackwell LLP. Papaya was advised by Pinheiro Neto Advogados and Greenberg Traurig, LLP.