M3-Brigade Acquisition III registered with the SEC to raise up to $400 million through an IPO of 40 million units priced at $10 each. A unit consists of one share of Class A common stock and one-third of one redeemable warrant; whole warrants exercisable at $11.50.
The new SPAC will focus on businesses or companies with an enterpirse value of at least $1 billion, are based in North America, and which have been impacted positively or negatively by the COVID-19 pandemic or businesses in the renewable energy sector.
M3-Brigade is led by Chairman and CEO Mohsin Meghji. His management team organized M III Acquisition and a second SPAC, M3-Brigade Acquisition II. The initial SPAC in March 2018 merged to create Infrastructure and Energy Alternatives, an engineering, procurement and construction company that specializes in renewable energy infrastructure. The second SPAC raised $400 million in a March IPO to target 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.
The SPAC said it has applied for a NYSE listing but has not yet selected a ticker symbol. Read more.
