Oil and gas SPAC Breeze Holdings Acquisition prices $100 million IPO at $10

Breeze Holdings Acquisition, a blank check company led by former Saddle Operating execs targeting the oil and gas industry, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one warrant exercisable at $11.50, and one right to receive one-twentieth of a share of common stock upon completion of the business combination.

The company is led by CEO, CFO, and Chairman Dr. J. Douglas Ramsey, who served as the President and CFO of Saddle Operating LLC from 2014 to 2019 and previously was the Director of Strategic Planning and Special Projects at EXCO.

Breeze 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 began trading on the Nasdaq on Monday under the symbol BREZU. I-Bankers Securities acted as lead manager on the deal.