Pontem Corp., a blank check company targeting industrial technology businesses, raised $600 million by offering 60 million units at $10. The company offered 10 million more units than anticipated. The company originally planned to offer 37.5 million units before increasing the offering to 50 million units on Monday.
Each unit consists 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.
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. plans to list on the NYSE under the symbol PNTM.U. Credit Suisse and Guggenheim Securities acted as lead managers on the deal.
