M3-Brigade Acquisition V registered to offer 25 million units at $10 each, with a unit consisting of one share and one-third of a warrant. Whole warrants would be redeemable for a share at $11.50.
The sponsor and Cantor Fitzgerald have committed to purchase 4,833,333 private placement warrants at $1.50 per warrant, or $7.25 million.
M3-Brigade V said it will focus on North American companies in the energy sector with an enterprise value of at least $1 billion.
M-3 Brigade is led by Chairman and CEO Mohsin Meghji, who has also been the managing partner of M-III Partners. His team managed the initial M3 SPAC through a business combination in March 2018 to create IEA (NASDAQ: IEA), an engineering, procurement and construction company that specializes in renewable energy infrastructure, which was acquired by MasTec in October 2022 at a valuation of $1.1 billion. The third SPAC (NYSE: GFR) completed its initial business combination with Greenfire Resources in September 2023 in a transaction which valued Greenfire at $950 million. The second M-3 SPAC was liquidated in December 2023 and the sponsors of the fourth SPAC withdrew its S-1 registration statement in March 2022. The team that organized the sponsor also organized EuroSPAC, listed on Euronext Amsterdam, which is currently seeking to merge with an operating company with significant operations in Europe.
The new SPAC intends to apply for a Nasdaq listing under the ticker symbol MBAV.U.
Cantor is sole book-running manager on this deal. Read more.
