Battery Future Acquisition, a blank check company targeting electrification transition, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman Simon Hay, the former CEO of Australia-based lithium producer Galaxy Resources, and CEO and Director Greg Martyr, former Global Head of Advisory for Mining and Metals at Standard Chartered Bank. The company plans to target industries spearheading the shift from fossil fuels to electrification, including businesses in the battery value chain. It will not pursue opportunities in commodities and downstream businesses that are not contributing to the transition to a net zero economy, and it will not target businesses in China.
Battery Future Acquisition plans to list on the NYSE under the symbol BFAC.U. Cantor Fitzgerald acted as sole bookrunner on the deal.
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