SPAC Kadem Sustainable Impact Corp files for a $175 million IPO

Kadem Sustainable Impact Corp, a blank check company targeting electric vehicles, energy storage and distribution, and mobility technology, filed on Friday with the SEC to raise up to $175 million in an initial public offering.

The New York, NY-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Tenor Opportunity Master Fund intends to purchase up to 9.9% of units in the offering. At the proposed deal size, Kadem Sustainable Impact Corp would command a market value of $219 million.

The company is led by Chairman Raymond Mabus Jr., the Founding Principal and CEO of The Mabus Group, who previously served as the 75th US Secretary of the Navy. He is joined by CEO and Director Charles Gassenheimer, the founder and President of private equity firm Carnegie Hudson Resources. The company plans to target the electric vehicle, energy storage and distribution, or mobility technologies ecosystem.

Kadem Sustainable Impact Corp was founded in 2020 and plans to list on the Nasdaq under the symbol KSICU. BMO Capital Markets is the sole bookrunner on the deal.