Power & Digital Infrastructure Acquisition priced its upsized IPO of 30 million units at $10 each. The upsize represents a 20 percent increase from the 25 million units the SPAC originally planned to offer. The blank-check company is sponsored by XPDI.
Units begin trading today on the Nasdaq under XPDIU. Each consists of one share of Class A common stock of the Company and one-fourth of a redeemable warrant. A whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50. Once the securities comprising the units begin separate trading, the shares and warrants are expected to list under XPDI and XPDIW, respectively.
The new SPAC is focused on targets in three areas: renewable power generation; power technology, equipment and services companies that focus on the integration of intermittent renewables; and dispatchable energy transition infrastructure.
Power & Digital is led by Chairman Theodore Brombach, founding partner of XMS Capital Partners and co-managing partner. He is also the CEO of XA Investments, an alternative asset management firm he co-founded.
The offering is expected to close Feb. 12. Read more.
