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Energy transition SPAC Freestone Acquisition files for a $200 million IPO

May 14, 2021
FSTNU

Freestone Acquisition, a blank check company formed by Tailwater Capital targeting the energy transition space, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Dallas, TX-based company plans to raise $200 million by offering 20 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, Freestone Acquisition would command a market value of $250 million.

Freestone Acquisition is sponsored by an affiliate of Tailwater Capital, a growth-oriented private equity firm with extensive experience across the broader energy value chain. The company is led by CEO and Director Alan Boswell, who most recently served as CEO of energy infrastructure company Southcross Holdings, and CFO and Director John Schaufele, who most recently served as Principal at diversified natural resources-focused private equity firm Energy & Minerals Group. It plans to target opportunities and companies that facilitate the energy transition, improve the efficiency of energy ecosystems, and reduce emissions.

Freestone Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol FSTNU. The company filed confidentially on March 24, 2021. Barclays and Goldman Sachs are the joint bookrunners on the deal.