Tech and Energy Transition, a blank check company backed by Macquarie targeting differentiated tech, raised $385 million by offering 38.5 million units at $10. The company offered 3.5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol TETCU. Citi and BofA Securities acted as lead managers on the deal.
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