Rice Acquisition 3, a blank check company backed by Rice Investment Group targeting the energy value chain, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
Rice Acquisition 3 is led by CEO and Director Kyle Derham and CFO and CAO James Rogers, who currently serve as Partners at multi-strategy fund Rice Investment Group. Derham and Rogers have previous SPAC experience, most recently serving on the executive team of Rice Acquisition II, which completed its combination with NET Power (NYSE: NPWR; -70% from $10 offer price) in 2023.
The SPAC plans to focus on the upstream oil and gas, power generation, energy infrastructure, and critical metals and minerals subsectors of the broadly defined energy value chain.
Rice Acquisition 3 plans to list on the NYSE under the symbol KRSP.U. Barclays and Jefferies acted as joint bookrunners on the deal.
