Accretion Acquisition, a blank check company targeting the energy value chain, raised $180 million by offering 18 million units at $10. The company offered 3 million more units than anticipated. 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.
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 plans to list on the Nasdaq under the symbol ENERU. EarlyBirdCapital and Stephens Inc. acted as joint bookrunners on the deal.
