Tech and Energy Transition, a blank check company backed by Macquarie targeting differentiated tech, filed on Wednesday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 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, Tech and Energy Transition will command a market value of $$438 million.
The company is led by Executive Chairman Dan Hesse, who previously served as CEO of Sprint (NYSE: S) from 2007 to 2014. He is joined by CEO John Spirtos, who is a Senior Advisor at Macquarie Capital, and CFO Stephan Feilhauer, who is a Managing Director in Macquarie Capital's Principal Finance Group.
Tech and Energy Transition intends to capitalize on sector transformative events by focusing on companies that use or facilitate disruptive, differentiated technology to build, enable, service, or manage businesses or infrastructure undergoing transformation. A particular focus will be placed on software, technology enabled services, communications, internetworking, clean energy and industrial technology, and any other sectors that enable or support digital transformation.
Tech and Energy Transition was founded in 2017 and plans to list on the Nasdaq under the symbol TETCU. It filed confidentially on January 26, 2021. Citi, BofA Securities and Macquarie Capital are the joint bookrunners on the deal.
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