SPAC CENAQ Energy Corp. prices $150 million IPO, targeting energy in North America

CENAQ Energy Corp., a blank check company led by industry veterans targeting the energy industry in North America, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. 

The company is led by Chairman John Connally III, who previously was a founding shareholder of Texas South Energy and GulfSlope Energy, and a founding director of Nuevo Energy, Endeavor International, Pure Energy Group, and Pure Gas Partners. He is joined by CEO and Director Russell Porter, who most recently served as the CEO of Freedom Oil & Gas. The company plans to target the energy industry in North America, with a focus on oil and gas companies, properties, and related assets with extensive production histories and limited geologic risk from sellers that may be distressed from being over leveraged and unable to operate within budgets.

CENAQ Energy Corp. plans to list on the Nasdaq under the symbol CENQU. Imperial Capital, and I-Bankers Securities acted as joint bookrunners on the deal.