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Oil and gas SPAC Breeze Holdings Acquisition files for a $100 million IPO

October 26, 2020

Breeze Holdings Acquisition, a blank check company targeting the oil and natural gas industries, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

The North Richland Hills, TX-based company plans to raise $100 million by offering 10 million units at a price of $10. Each unit will consist of one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, Breeze Holdings Acquisition will command a market value of $126 million. 

The company is led by CEO, CFO, and Chairman Dr. J. Douglas Ramsey, who served as the President and CFO of Saddle Operating from 2014 to 2019 and previously was the Director of Strategic Planning and Special Projects at EXCO. Breeze Holdings Acquisition intends to focus on assets used in exploring, developing, producing, transporting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products in North America.

Breeze Holdings Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BREZU. The company filed confidentially on July 16, 2020. I-Bankers Securities is the sole bookrunner on the deal.