Recharge Acquisition, a blank check company founded by former MTC Technologies and Marathon Petroleum executives, raised $200 million by offering 20 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 is led by CEO and Director Anthony Kenney, former President of the Speedway division of Marathon Petroleum (NYSE: MPC); Chairman Rajesh Soin, founder and former CEO of MTC Technologies, which was sold to BAE Systems in 2008 for approximately $450 million; and CFO Michael Gearhardt, former CFO of MTC Technologies. While the company has not selected a target industry, it plans to leverage its management team's experience and networks to identify a business with a recognizable brand, stable free cash flow, and modest capital requirements, among other characteristics.
Recharge Acquisition plans to list on the Nasdaq under the symbol RCHGU. Raymond James and EarlyBirdCapital acted as the joint bookrunners on the deal.
