Clean energy SPAC Prospect Energy Holdings files for a $300 million IPO

Prospect Energy Holdings, a blank check company targeting the clean energy industry in APAC and Canada, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.

The Corona, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Prospect Energy Holdings would command a market value of $389 million.

The company is led by CEO and Chairman Jeffrey Xie, the Senior Advisor of the Global Strategy Committee and CIO of the North America and Pacific Rim Region for Standard Financial Group. The company plans to target the clean energy industry in Asia Pacific (excl. China) and Canada, with an emphasis on Canada and Australia. It plans to focus on businesses in "clean coal" or other evolving segments in the clean energy ecosystem, particularly those with enterprise values in excess of $1 billion.

Prospect Energy Holdings was founded in 2023 and plans to list on the Nasdaq under the symbol AMGSU. EF Hutton is the sole bookrunner on the deal.