Nabors Energy Transition II priced its initial public offering of 30 million units at $10 each.
Units list on the Nasdaq and began trading today under the ticker symbol NETDU. Each consists of one Class A ordinary share and one-half of a warrant.
Once the securities begin separate trading, shares and warrants will list under the symbols NETD and NETDW. The IPO is expected to close July 18.
The SPAC plans to focus on companies engaged in the global energy sector’s shift from fossil-based systems of energy production and consumption—including oil, natural gas and coal—to renewable energy sources such as geothermal energy or hydrogen.
Citigroup and Wells Fargo Securities are joint book-running managers and representatives of the underwriters.
The energy transition SPAC was formed by Nabors Industries, which owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs and related services in the United States and several international markets.
The first Nabors Energy Transition SPAC has a merger agreement with Vast Solara, a renewable energy company specializing in concentrated solar power (CSP) energy systems. Read more.
