Nabors Energy Transition, a blank check company formed by Nabors Industries targeting the energy transition space, lowered the proposed deal size and increased the warrants per unit for its upcoming IPO on Wednesday.
The Houston, TX-based company now plans to raise $200 million by offering 20 million units at $10 per unit, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 25 million units at the same price, with each unit containing 1/3 of a warrant . At the revised deal size, Nabors Energy Transition will raise 20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Anthony Petrello, who currently serves as the CEO of global oil and gas drilling contractor Nabors Industries (NYSE: NBR). The company plans to target the energy transition space, specifically focusing on alternative energy, energy storage, emissions reduction, and carbon capture, utilization, and sequestration. It also intends to prioritize ESG factors advancing the energy transition.
Nabors Energy Transition was founded in 2021 and plans to list on the NYSE under the symbol NETC.U. Citi, and Wells Fargo Securities are the joint bookrunners on the deal
