Black Mountain Acquisition, a blank check company formed by the founder of the Black Mountain Entities, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50.
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 plans to list on the NYSE under the symbol BMAC.U. EarlyBirdCapital and Stephens Inc. acted as joint bookrunners on the deal.
