Clean energy SPAC Prospect Energy Holdings slashes unit offering by 75% ahead of $75 million IPO

Prospect Energy Holdings, a blank check company targeting the clean energy industry in APAC and Canada, lowered the proposed deal size for its upcoming IPO on Thursday.

The Corona, CA-based company now plans to raise $75 million by offering 7.5 million units at $10. Each unit contains one share of common stock and one warrant, exercisable at $11.50. The company had previously filed to offer 30 million units at the same price. At the revised deal size, Prospect Energy Holdings will raise -75% less in proceeds than previously anticipated and command a market value of $95 million.

The company is led by CEO and Chairman Jeffrey Xie, the Senior Advisor of the Global Strategy Committee and CIO of the North America and Pacific Rim Region for Standard Financial Group. The company plans to target the clean energy industry in Asia Pacific (excl. China) and Canada, with an emphasis on Canada and Australia. It plans to focus on businesses in "clean coal" or other evolving segments in the clean energy ecosystem.

Prospect Energy Holdings was founded in 2023 and plans to list on the Nasdaq under the symbol AMGSU. EF Hutton is the sole bookrunner on the deal.