Broadscale Acquisition, a blank check company led by Broadscale's Andrew Shapiro targeting decarbonization businesses, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
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; +7% 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 plans to list on the Nasdaq under the symbol SCLEU. Morgan Stanley acted as a lead manager on the deal.
