Calm Seas Acquisition, a blank check company targeting the energy and shipping industries, lowered the proposed deal size for its upcoming IPO on Thursday.
The Reno, NV-based company now plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock, and one-third of one warrant to purchase a share, exercisable at $11.50. The company had previously filed to offer 30 million units at $10.
Calm Seas Acquisition is led by CEO Procter Hug IV, the CEO of investment firm Pilgrim Global Advisors; CFO Michael Marietta, the General Counsel of Pilgrim Global Advisors; and Chairman Charles Flynn, the former Commanding General of U.S. Army Pacific. The SPAC plans to target businesses in the oil and gas, offshore drilling, and maritime and shipping sectors.
Calm Seas Acquisition was founded in 2026. It plans to list on the NYSE under the symbol CSEA.U. Cohen & Company Securities is the sole bookrunner on the deal.
