M3-Brigade Acquisition III priced its IPO of 26.1 million units at $10 each, an upsize of 1.1 million units from the 25 million the SPAC amended last month, though down from the 40 million units initially registered for the offering in May.
Units list on the NYSE and begin trading today under MBSC.U. Each consists of one share of Class A common stock and one-third of a warrant.
Once the securities begin separate trading, shares and warrants are expected to list under MBSC and MBSC WS.
The SPAC is focused on businesses with an enterprise value of at least $1 billion and based in North America, specifically companies that have been impacted by the COVID-19 pandemic or businesses in the renewable energy sector.
M3-Brigade III is led by Executive Chairman Mohsin Meghji, the managing partner of M-III Partners.
Cantor is sole book-running manager for the offering. The underwriters have an option to purchase up to 3.915 million additional units.
The offering is expected to close Oct. 26. Read more.
