East Resources Acquisition, a blank check company formed by Terrence Pegula targeting the North American energy industry, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The Boca Raton, FL-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with East Asset Management, an affiliate of the sponsor. At the proposed deal size, East Resources Acquisition would command a market value of $375 million.
The company is led by CEO and Chairman Terrence Pegula, the founder of oil and gas E&P East Resources, which was sold to Royal Dutch Shell in 2010 for $4.7 billion. The company plans to acquire and operate a business in the energy industry in North America.
The Boca Raton, FL-based company was founded in 2020 and plans to list on the Nasdaq under the symbol ERES.U. East Resources Acquisition filed confidentially on June 8, 2020. Wells Fargo Securities is the sole bookrunner on the deal.
