M3-Brigade Acquisition III, the third blank check company led by turnaround veteran Mohsin Meghji targeting the renewable energy space, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 40 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. At the revised deal size, M3-Brigade Acquisition III will raise -38% less in proceeds than previously anticipated.
The company is led by Executive Chairman Mohsin Meghji, who currently serves as the Managing Partner of corporate advisory firm M-III Partners, and CEO Matthew Perkal, who leads industry coverage for various sectors at Brigade Capital Management. The company plans to target target businesses which either have strong business fundamentals under normalized circumstances, but which are in need of additional capital or operational improvement as a result of the impact of the COVID-19 pandemic on their businesses, or operate in the renewable energy sector (or related products and services) and can benefit from its human and financial capital.
M3-Brigade Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol MBSC.U. Cantor Fitzgerald is the sole bookrunner on the deal.
