Accretion Acquisition, a blank check company targeting the energy value chain, filed on Thursday with the SEC to raise up to $150 million.
The Denver, CO-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Accretion Acquisition would command a market value of $189 million.
The company is led by CEO and Director Brad Morse, the founder and President of Fulcrum Energy Capital Funds, a private investment firm focused on direct lower middle market oil and gas investment opportunities in North America. The company plans to target a business involved in the energy value chain, which includes upstream, water management, gas and vapor capture, energy transition related systems, midstream, oil and gas-related software, commodity risk management, or oil and gas services.
Accretion Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ENERU. The company filed confidentially on June 21, 2021. EarlyBirdCapital and Stephens Inc. are the joint bookrunners on the deal.
