Power & Digital Infrastructure Acquisition, a blank check company targeting the US electrical power grid transition, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol XPDIU. Barclays and BofA Securities acted as lead managers on the deal.
