Springwater Special Situations priced its IPO of 15 million units at $10 each.
Units begin trading today on the Nasdaq under SWSSU. Each consists of one share and one-half of one redeemable warrant, each whole warrant exercisable at $11.50 for a share. Once the securities begin separate trading, stock and warrants are expected to list under SWSS and SWSSW.
EarlyBirdCapital is sole book-running manager for the offering and JonesTrading Institutional Services is co-manager. The underwriters have an option to purchase up to an additional 2.25 million units to cover over-allotments, if any.
Springwater in its initial S-1 registration said it would target “media, engineering construction, engineering services, facility management and services, food and beverages, semiconductor, aerospace, paper and pulp, logistics and distribution, IT services, software solutions, tourism, hospitality, aviation, retail, precious metals trading and services, oil and gas, renewable energies, environmental services, steel, household appliances, construction materials and shipping and cruise industries.” The SPAC expects to exclude real estate and infrastructure-related sectors. Read more.