Broadscale Acquisition priced its upsized IPO of 30 million units at $10 per unit. — an upsize of 20 percent from the 25 million units the new SPAc initially planned to offer.
Units begin trading today on the Nasdaq under SCLEU. Each consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to purchase a share of Class A common stock at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under SCLE and SCLEW, respectively.
The SPAC intends to target opportunities that align with its mission of “Disruption for Good” — the transformation of traditional industries in positive ways that generate tangible improvements to the well-being of the global population, particularly with respect to energy, transportation, buildings, manufacturing, and food and agriculture.
Broadscale’s sponsor is a joint venture of Andrew L. Shapiro’s Broadscale Group and Jonathan Z. Cohen and Edward E. Cohen’s HEPCO Capital Management.
The offering is expected to close Feb. 17. Read more.
