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Qell Acquisition is latest SPAC to file for a Nasdaq listing
Posted on Monday, 14 September 2020 12:45
Blank check company Qell Acquisition has filed for a stock market flotation that could raise up to USD 345.00 million if overallotments are exercised in full.
The San Francisco-headquartered group was formed by private equity company PIMCO and industry veterans targeting a sustainable technology business.
Qell Acquisition is offering 30.00 million units – consisting of one share of common stock and one-third of a warrant, exercisable at USD 11.50 – at USD 10.00 apiece.
The business is commanding a market value of USD 375.00 million.
Qell Partners has agreed to purchase 6.00 million warrants at USD 1.50 per item in a private placement that will complete concurrently with an IPO.
JPMorgan and Barclays have been hired as joint underwriters for the sale and have been granted a 45-day option to purchase an additional 4.50 million additional units.
The company is led by chief executive and director Barry Engle, who spent the last five years in senior executive roles at General Motors, most recently serving as president of GM North America.
Qell Partners plans to target the next generation mobility, transportation and sustainable industrial technology sectors.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 187 IPOs of other financial vehicles signed off in 2020 to date.
In the largest of these, Pershing Square Tontine Holdings raised USD 4.00 billion through its stock market debut on the New York Stock Exchange.
Other companies to announce listings this year included Churchill Capital Corporation IV, Foley Trasimene Acquisition Corporation II, Foley Trasimene Acquisition Corporation and FTAC Olympus Acquisition.
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