Broadscale Acquisition, a blank check company targeting businesses driving the decarbonization of the economy, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Broadscale Acquisition will command a market value of $313 million.
The company is led by CEO and Chairman Andrew Shapiro, the Founder and Managing Partner of investment firm Broadscale. He is joined by Vice Chairman Edward Cohen, the Chairman of private investment firm HEPCO Capital Management and Co-Chairman of Osprey Technology Acquisition (SFTW; +6% from $10 offer price), and CFO and Head of Acquisitions John Hanna, who currently serves as a Partner at HEPCO. Broadscale Acquisition intends to target opportunities that transform traditional industries in positive ways and generate tangible improvements to the well-being of the global population, particularly with respect to energy, transportation, buildings, manufacturing, and food and agriculture. It's primary focus will be on solutions driving the decarbonization of the economy.
Broadscale Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SCLEU. It filed confidentially on December 31, 2020. Morgan Stanley is the sole bookrunner on the deal.
