East Resources Acquisition, a blank check company formed by Terrence Pegula targeting the North American energy industry, raised $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 pricing, East Resources Acquisition commands 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.
East Resources Acquisition plans to list on the Nasdaq under the symbol ERESU. Wells Fargo Securities acted as a lead manager on the deal.
