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Energy transition-focused SPAC Red Cell DRM Acquisition files for a $250 million IPO

March 18, 2021

Red Cell DRM Acquisition, a blank check company targeting businesses driving the electrical power grid transition, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The Beverly Hills, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Red Cell DRM Acquisition would command a market value of $313 million.

The company is led by Chairman Joshua Lobel, a Founding Partner at venture firm Red Cell Partners, and CEO and Director Gavin Hood, who most recently served as Chief of Staff and Global Director of Business and Operations at Palantir Technologies (PLTR). The company plans to target businesses in the North American renewable and transition energy sector, focusing on those that are driving the electrical power grid transition.

Red Cell DRM Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RCDAU. Credit Suisse is the sole bookrunner on the deal.