By Reuters Staff
2 Min Read
LONDON (Reuters) - Vision Blue Resources, a battery metals investment firm founded by ex-Xstrata boss Mick Davis, said on Monday it had launched a $300 million blank check company in New York with Energy & Minerals Group to hunt for firms geared towards a lower carbon economy.
The special purpose acquisition vehicle (SPAC), ESM Acquisition Corporation (ESM), will select businesses that focus on a shift away from fossil fuels, the light-weighting and electrification of vehicles, and the reduction of carbon emissions.
SPACs are shell companies that use the proceeds from going public to buy another company, not yet identified at time of listing. There have been 100-plus of these listings over the past year.
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ESM Acquisition Corporation : Announces Pricing of $300,000,000 Initial Public Offering
03/09/2021 | 05:43pm EDT
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ESM Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “ESM.U” beginning on March 10, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on the NYSE under the symbols “ESM” and “ESM WS,” respectively.
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