Pontem Corp. a blank check company founded in 2020, has filed to with the U.S Securities and Exchange Commission to raise up to $375 million in an initial public offering (IPO).
If the IPO is approved, the SPAC backed by Credit Suisse and Guggenheim Securities will list on the New York Stock Exchange (NYSE), and will trade under the symbol PNTM.U.
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The New York based company plans to raise $375 million by offering 37.5 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company may raise an additional $150 million at the closing of an acquisition pursuant to a forward purchase agreement with with QVIDTVM Management, an affiliate of the sponsor. At the proposed deal size, Pontem Corp. will command a market value of $469 million.
Pontem Corp. is led by CEO and Chairman Hubertus Muehlhaeuser, the former CEO of CNH Industrial and Welbilt, and CFO Nina Murphy, who serves as COO of QVIDTVM.
Pontem Corp. plans to target hybrid “industrial and technology” businesses, focusing on established high-quality businesses that have sustainable competitive advantages and disruptive businesses with unique technologies and solid business models.
The article SPAC: Industrial tech-focused Pontem Corp. files for a $375 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
Pontem Corporation is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination.
In its SEC filing seen by Investogist, the company stated that “we have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.”
By; Nnamdi M.
