Turnaround veteran's SPAC M3-Brigade Acquisition III prices $261 million IPO

M3-Brigade Acquisition III, the third blank check company led by turnaround veteran Mohsin Meghji targeting the renewable energy space, raised $261 million by offering 26.1 million units at $10. The company offered 1.1 million more units than anticipated. It originally planned to offer 40 million units before lowering the proposed deal size in September. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by Executive Chairman Mohsin Meghji, who currently serves as the Managing Partner of corporate advisory firm M-III Partners, and CEO Matthew Perkal, who leads industry coverage for various sectors at Brigade Capital Management. 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 III plans to list on the NYSE under the symbol MBSC.U. Cantor Fitzgerald acted as sole bookrunner on the deal.