Qell Acquisition, a blank check company formed by PIMCO and industry veterans targeting a sustainable tech business, raised $330 million by offering 33 million units at $10. The company offered 3 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. PIMCO had indicated on $30 million worth of units in the offering.
The company is led by CEO and Director Barry Engle, who spent the past five years in senior executive roles at General Motors, most recently serving as President of GM North America. CFO and Director Sam Gabbita recently led OGCI Climate Investments' San Francisco office and before that served as Managing Director of sustainability-focused private investment fund Element Partners. The company plans to target the next-generation mobility, transportation, and sustainable industrial technology sectors.
Qell Acquisition plans to list on the Nasdaq under the symbol QELLU. J.P. Morgan and Barclays acted as lead managers on the deal.
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