Turnaround veteran's SPAC M3-Brigade Acquisition III files for a $400 million IPO

M3-Brigade Acquisition III, a blank check company led by turnaround veteran Mohsin Meghji, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.

The New York, NY-based company plans to raise $400 million by offering 40 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, M3-Brigade Acquisition III would command a market value of $500 million.

The company is led by Executive Chairman Mohsin Meghji, who currently serves as the Managing Partner of corporate advisory firm M-III Partners. He is joined by CEO Matthew Perkal, who leads industry coverage for various sectors at Brigade Capital Management, and CFO Brian Griffith, who currently serves as a Managing Director of M-III Partners. The group's previous SPACs include March 2021 IPO M3-Brigade Acquisition II (MBAC.U; +0% from $10 offer price) and July 2016 IPO M III Acquisition, which completed its acquisition of Infrastructure and Energy Alternatives (IEA; +20%) in May 2019.

The company plans to target target businesses which either have strong business fundamentals under normalized circumstances, but which are in need of additional capital or operational improvement as a result of the impact of the COVID-19 pandemic on their businesses, or operate in the renewable energy sector (or related products and services) and can benefit from its human and financial capital.

M3-Brigade Acquisition was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: MTBAU.RC).  Cantor Fitzgerald is the sole bookrunner on the deal.