November 1 (Renewables Now) - AltEnergy Acquisition Corp, a blank check company sponsored by alternative energy investor AltEnergy LLC, is targeting USD 200 million (EUR 171.9m) gross from an initial public offering (IPO) on the Nasdaq.
The special purpose acquisition company (SPAC) was recently set up to target businesses involved in the renewable energy sector or related clean technologies. The company said on Friday it aims to raise capital by offering 20 million units, consisting of one share of Class A common stock and one-half of a redeemable warrant, at USD 10 apiece. Each warrant entitles its holder to buy one share of Class A common stock at a price of USD 11.50 per share.
The underwriters have a 30-day over-allotment option to purchase up to three million additional units at the initial IPO price.
The net proceeds from the transaction will support a potential merger, capital stock exchange, asset acquisition, share purchase, reorganisation or similar business combination of AltEnergy Acquisition Corp and one or more businesses.
The units started trading on the Nasdaq Global Market on October 29 under the ticker "AEAEU". The common stock and warrants are expected to be listed under tie tickers "AEAE" and "AEAEW," respectively.
B Riley Securities Inc was the sole book-running manager of the deal.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.