Nabors Energy Transition II closed its initial public offering of 30.5 million units at $10 each.
Units list on the Nasdaq under the ticker symbol NETDU. Each unit consists of one Class A ordinary share and one-half of a warrant
Once the securities begin separate trading, shares and warrants are expected to be listed under the symbols NETD and NETDW.
The SPAC will 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 acted as joint book-running managers and representatives of the underwriters.
Management’s first Nabors Energy Transition SPAC has a deal pending with Vast Solar Pty Ltd. Announced in February, the deal carries an implied pro forma equity value between $305 million and $586 million, depending on redemptions. Read more.
