Power & Digital Infrastructure Acquisition, a blank check company targeting the US electrical power grid transition, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Chicago, IL-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Power & Digital Infrastructure Acquisition will command a market value of $313 million.
The company is led by Chairman Theodore Brombach, who is currently a Founding Partner and Co-Managing Partner of XMS Capital Partners, co-founder and CEO of XA Investments, and CEO of XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE: XFLT). He is joined by CEO and Director Patrick Eilers, the founder and Managing Partner of private equity firm EPTP, and CFO James Nygaard Jr., who is a Managing Director of XMS Capital Partners. Power & Digital Infrastructure Acquisition intends to pursue opportunities that are driving the electrical power grid transition, both on the supply and demand side, as well as seeking co-optimization opportunities between supply and demand, of the electrical grid in the US.
Power & Digital Infrastructure Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol XPDIU. It filed confidentially on January 8, 2021. Barclays and BofA Securities are the joint bookrunners on the deal.
