Zimmer Energy Transition Acquisition, a blank check company formed by Zimmer Partners targeting the energy transition and sustainability space, raised $300 million by offering 30 million units at $10.
The company had originally filed to raise $350 million, before lowering its deal terms last week. Each unit 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.
The New York, NY-based 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.
ZET Acquisition plans to list on the Nasdaq under the symbol ZTAQU. Citi, and Barclays acted as joint bookrunners on the deal.
