M3-Brigade Acquisition II priced its IPO of 40 million units at $10 each.
Units begin trading today on the NYSE under MBAC.U. Each consists of one share of Class A common stock and one-third of one warrant, with each whole warrant exercisable 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 MBAC and MBAC WS, respectively.
The offering is expected to close March 8.
Cantor Fitzgerald is sole book-running manager. The underwriter has been granted a 45-day option to purchase up to an additional 6 million units to cover any over-allotments.
The SPAC intends to target North American businesses or companies with an enterprise value of at least $1 billion and have been impacted by the COVID-19 pandemic, or businesses in the renewable energy sector. Read more.
