Nabors Energy Transition registered with the SEC to offer 25 million units at $10 each. A unit consists of one share of Class A common stock and one-third of one warrant; whole warrants exercisable at $11.50.
The underwriters have a 45-day option to purchase up to an additional 3.75 million units.
Nabors Energy plans to target companies in alternative energy, energy storage, emissions reduction and carbon capture.
The new SPAC is led by President, CEO and Chairman Anthony Petrello, who has served as chairman of Houston-based Nabors Industries board since 2012 and director since 1991.
Nabors said it intends to apply for a NYSE listing under NETC.U. Read more.
