Pontem registered an additional 10 million units at $10 each to raise its IPO a further 20 percent, now priced at $600 million. The SPAC two days ago upsized the offer 33 percent to $500 million from the original registration for a $375 million raise.
The SPAC may raise another $150 million at the closing of an acquisition, under a forward purchase agreement with QVIDTVM Management, an affiliate of Pontem’s sponsor.
Pontem said it plans to target high growth, hybrid industrial and technology players in a prime position to reshape the industrial landscape. The focus is on two types of companies: established high-quality businesses that have sustainable competitive advantages such as differentiated product or manufacturing technologies or unique brand attributes; and disruptive businesses with unique technologies and solid business models.
The SPAC is led by Chairman and CEO Hubertus Muehlhaeuser, previously CEO of CNH Industrial NV.
Units begin trading today on the NYSE under PNTM.U. Read more.
