Nabors Energy Transition, a blank check company formed by Nabors Industries targeting the energy transition space, filed on Tuesday with the SEC to raise up to $250 million.
The Houston, TX-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, Nabors Energy Transition would command a market value of $313 million.
The company is led by CEO and Chairman Anthony Petrello, who currently serves as the CEO of global oil and gas drilling contractor Nabors Industries (NYSE: NBR). The company plans to target the energy transition space, specifically focusing on alternative energy, energy storage, emissions reduction, and carbon capture, utilization, and sequestration. It also intends to prioritize ESG factors advancing the energy transition.
Nabors Energy Transition was founded in 2021 and plans to list on the NYSE under the symbol NETC.U. The company filed confidentially on April 2, 2021. Citi and Wells Fargo Securities are the joint bookrunners on the deal.
