Zimmer Energy Transition Acquisition priced its IPO of 30 million units at $10 per unit. The units begin trading today on the Nasdaq under ZTAQU.
Each consists of one share of Class A common stock and one-third of one redeemable warrant, with whole warrants exercisable at $11.50 for a share. Once the securities comprising the units begin separate trading, stock and warrants will list under ZT and ZTAQW, respectively.
The offering is expected to close June 18.
Zimmer Energy Transition said it intends to capitalize on the Zimmer Partners platform to acquire and operate a business in the energy value chain in North America, with a focus on energy transition and sustainability.
Citigroup and Barclays are joint book-running managers. The underwriters have a 45-day option to purchase up to an additional 4.5 million units at the IPO price to cover any over-allotments. Read more.
