Diversity-focused SPAC Empowerment & Inclusion Capital I prices upsized $240 million IPO at $10

Empowerment & Inclusion Capital I, a blank check company targeting a diverse-led or inclusive-focused business, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Harold Ford Jr., who currently serves as EVP and Vice Chairman of PNC's Corporate & Institutional Banking Group and formerly represented Tennessee in Congress. He is joined by CFO Virginia Henkels, who previously served as CFO of transportation company Swift. 

Empowerment & Inclusion Capital I plans to use management's experience and resources to acquire a diverse-led business or a business focused on promoting an inclusive economy and society and provide strategic advice in support of its ongoing growth and success to create enduring shareholder value. To share in that value creation, PNC and Jefferies intend to each donate all of their respective founders shares and warrants to initiatives supporting the economic empowerment and inclusion of underrepresented groups.

Empowerment & Inclusion Capital I plans to list on the NYSE under the symbol EPWR.U. Jefferies and Siebert Williams Shank acted as lead managers on the deal.