On
May 17, 2023, the Company issued a press release announcing that its board of directors has elected to extend the date by which the
Company has to consummate an initial business combination from May 18, 2023 to August 18, 2023 (the “Extension”),
as permitted under the Amended Charter. In connection with the Extension, Nabors Lux and Greens Road have deposited a total of
$886,557.69 into the Trust Account.
A copy of the press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Important Information for Stockholders
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 with the SEC a registration statement on Form F-4 (the “Registration Statement”), which included (i) a
preliminary prospectus of Vast relating to the offer of securities to be issued in connection with the proposed Business Combination and
(ii) a preliminary proxy statement of the Company to be distributed to the holders of the Company’s capital stock in connection
with the Company’s solicitation of proxies for a 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. After the Registration Statement has been declared effective by the SEC, a definitive
proxy statement/prospectus will be mailed to the stockholders of the Company. 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 WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders can 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 22,
2023. To the extent that holdings of the Company’s securities have changed since the amounts printed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022, 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, will be contained in the proxy statement/prospectus and 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, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present
or historical fact included herein, regarding the proposed Business Combination, the Company’s and Vast’s ability to consummate
the transaction, the benefits of the transaction and the Company’s and Vast’s future financial performance following the transaction,
as well as the Company’s and Vast’s strategy, future operations, financial position, estimated revenues and losses, projected
costs, prospects, plans and objectives of management 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 of the parties to successfully or timely
consummate the proposed transactions or to satisfy the conditions to the closing of the proposed transactions, including satisfaction
of the minimum proceeds condition and the risk that any required regulatory approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined company; the risk that the approval of the stockholders of the Company
for the proposed transactions is not obtained; the failure to realize the anticipated benefits of the proposed transactions, including
as a result of a delay in consummating the proposed transaction or difficulty in, or costs associated with, integrating the businesses
of the Company and Vast; the amount of redemption requests made by the Company’s stockholders; the outcome of any legal proceedings
that may be instituted against the Company or Vast following announcement of the transaction; the occurrence of events that may give rise
to a right of one or both of the Company and Vast to terminate the definitive agreements related to the proposed Business Combination;
difficulties or delays in the development of Vast’s concentrated solar power facilities; the risks related to the rollout of Vast’s
business and the timing of expected business milestones; potential benefits and commercial attractiveness to its customers of Vast’s
products; the potential success of Vast’s marketing and expansion strategies; and the effects of competition on Vast’s future
business. 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 and projections
can be found in the Registration Statement and 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.