Switchback II Corp., the second blank check company formed by NGP and former RSP Permian executives targeting energy technology, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by Co-CEOs and Directors Scott McNeill and Jim Mutrie. McNeill previously served as the CFO of RSP Permian, through its acquisition by Concho Resources, and Mutrie most recently served as VP and General Counsel of RSP. The company plans to focus on the energy technology arena, specifically targeting industries that require sustainable and innovative solutions to decarbonize in order to meet critical emission reduction objectives.
The pair's previous SPAC, Switchback Energy Acquisition (SBE; +299% from $10 offer price), went public in July 2019 and is currently pending a combination with electric vehicle charging network ChargePoint.
Switchback II Corp. plans to list on the NYSE under the symbol SWBK.U. Goldman Sachs acted as a lead manager on the deal.
