Blank check for former Chesapeake CEO: Avondale Acquisition sets terms for $200 million IPO

Avondale Acquisition, a oil and gas SPAC formed by the former CEO of Chesapeake Energy, announced terms for its IPO on Tuesday.

The Oklahoma City, OK-based company plans to raise $200 million by offering 20 million units at a price of $10. At that price, Avondale Acquisition would command a market value of $250 million.

Chairman Aubrey McClendon previously served as co-founder and CEO of Chesapeake Energy (NYSE: CHK) from 1989 to 2013.

Avondale Acquisition, which was formed in March 2015, plans to list its units on the NASDAQ under the symbol AACOU. Avondale Acquisition initially filed confidentially on March 3, 2015. Maxim Group and Ladenburg Thalmann are the joint bookrunners on the deal. No timing was disclosed.