November 3 (Renewables Now) - AltEnergy Acquisition Corp, a blank check company sponsored by alternative energy investor AltEnergy LLC, has raised USD 230 million (EUR 198.6m) gross from its initial public offering (IPO) on the Nasdaq Global Market.
The special purpose acquisition company (SPAC) was recently set up to target businesses involved in the renewable energy sector or related clean technologies. In a statement on Tuesday, it said it has sold 23 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 total subscribed amount includes 3 million units bought by underwriters of the deal to cover over-allotments. Additionally, AltEnergy Acquisition sold 11.6 million private placement warrants to AltEnergy Acquisition Sponsor LLC and 400,000 private warrants to an affiliate of the underwriter for USD 12 million gross in total. The warrants were offered at USD 1 each.
The units started trading on the Nasdaq Global Market on October 29 under the ticker "AEAEU," while the securities comprising the units will begin separate tradings. The common stock and warrants will be listed under the tickers "AEAE" and "AEAEW," respectively.
B Riley Securities Inc was the sole book-running manager of the transaction.
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.