Zimmer Energy Transition Acquisition, a blank check company formed by Zimmer Partners targeting the energy transition and sustainability space, lowered the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 35 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Zimmer Partners intends to purchase $100 million worth of units in the offering (33% of the deal), and the company may raise an additional $200 million at the closing of an acquisition pursuant to forward purchase agreements with Zimmer Partners and Bluescape Resources. At the revised deal size, Zimmer Energy Transition Acquisition will raise -14% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Stuart Zimmer, the founder, CEO, and Portfolio Manager of investment firm Zimmer Partners. The company plans to target the energy value chain in North America, specifically energy transition and sustainability, with a primary focus on products, equipment, services, and technologies enabling the continued energy transition in the US.
Zimmer Energy Transition Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ZTAQU. Citi and Barclays are the joint bookrunners on the deal.
