SPAC Glass Houses Acquisition prices $200 million IPO, targeting new economy industrials

Glass Houses Acquisition, a blank check company targeting businesses powering the new industrial economy, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Director Quincy Fennebresque, who previously led media and telecom investments at Miura Global Management and prior to that, was the founder and Portfolio Manager of Venesprie Capital. He is joined by CFO Tonya Clark, who previously served as the CEO and CFO of Heritage Health Solutions. The SPAC lists the co-founders of Stronghold Resource Partners, Billy Fennebresque and Ryan Turner, as its founders.

Glass Houses Acquisition plans to target businesses that it says provide critical resources and/or services to the technologies powering the 21st century industrial economy, focusing on North American businesses with an enterprise value of $500 million to $2.0 billion. Opportunities it cites include suppliers or extractors of natural resources (e.g. lithium, nickel, aluminum, hydrogen, helium, cobalt), electrification and energy transition (fuel cells, generation, storage), resource management (recycling, waste management, energy efficiency, carbon capture) and sustainability solutions (supply chain, logistical management). 

Glass Houses Acquisition plans to list on the Nasdaq under the symbol GLHAU. Jefferies acted as lead manager on the deal.