Energy transition SPAC C5 Acquisition prices USD-250m New York IPO

New York Stock Exchange. Author: George Rex. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

January 11 (Renewables Now) - C5 Acquisition Corp, a new special purpose acquisition company (SPAC) targeting the energy transition sector, among others, is seeking to raise USD 250 million (EUR 220.3m) in an initial public offering (IPO).

The Delaware-based blank check company is led by Robert Meyerson, the former president of US aerospace manufacturer Blue Origin LLC. It was set up to pursue business combinations with one or more companies operating in the energy transition, space and cybersecurity fields.

C5 Acquisition last week said it has priced its offering of 25 million units at USD 10 apiece. Each unit consists of one share of Class A common stock and one-half of one redeemable public warrant. Each whole public warrant entitles the holder thereof to purchase one share of Class A common share at USD 11.50 apiece.

As of January 7, the units have started trading on the New York Stock Exchange (NYSE) under the ticker symbol “CXAC.U”. Once the securities comprising the units initiate separate trading, the Class A common shares and warrants will be listed with the symbols "CXAC" and "CXAC WS," respectively.

The underwriters of the deal have a 45-day option to buy up to an additional 3.75 million units at the abovementioned IPO price to cover overallotments.

The offering will be completed on January 11. Cantor Fitzgerald & Co and Moelis & Company LLC are acting as the joint book-running managers of the transaction.

(USD 1.0 = EUR 0.881)

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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.

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