Pontem Corp., a blank check company targeting industrial technology businesses, filed on Monday with the SEC to raise up to $375 million in an initial public offering.
The New York, NY-based company plans to raise $375 million by offering 37.5 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to a forward purchase agreement with with QVIDTVM Management, an affiliate of the sponsor. At the proposed deal size, Pontem Corp. will command a market value of $469 million.
The company is led by CEO and Chairman Hubertus Muehlhaeuser, the former CEO of CNH Industrial and Welbilt, and CFO Nina Murphy, who serves as COO of QVIDTVM. Pontem Corp. plans to target hybrid "industrial and technology" businesses, focusing on established high-quality businesses that have sustainable competitive advantages and disruptive businesses with unique technologies and solid business models.
Pontem Corp. was founded in 2020 and plans to list on the NYSE under the symbol PNTM.U. Credit Suisse and Guggenheim Securities are the joint bookrunners on the deal.
