Black Mountain Acquisition, a blank check company formed by the founder of the Black Mountain Entities, filed on Friday with the SEC to raise up to $200 million.
The Fort Worth, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Black Mountain Acquisition would command a market value of $250 million.
The company is led by CEO and Chairman Rhett Bennett, the founder and CEO of various natural resource companies in the oil and gas, metals, and other sectors, including the Black Mountain Entities, many of which are sponsored by funds managed by NGP. The company plans to target the energy value chain, with the belief that many businesses in the exploration and production industry or broader energy value chain could benefit from access to public markets.
Black Mountain Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BMAC.U. EarlyBirdCapital and Stephens Inc. are the joint bookrunners on the deal.
