Welsbach Technology Metals Acquisition, a blank check company targeting the technology metals and ETMs sectors, filed on Thursday with the SEC to raise up to $75 million in an initial public offering.
The company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the consummation of an initial business combination. At the proposed deal size, Welsbach Technology Metals Acquisition would command a market value of $97 million.
The SPAC is led by Chairman and CEO Daniel Mamadou, the founder and CEO of technology metals specialist advisor Welsbach Holdings and founder and former Executive Director of Talaxis, the technology metals group within Noble Group; COO and Director Christopher Clower, the COO of Welsbach Holdings; and CFO John Stanfield, founder of boutique consulting and full-service public accounting firm Stanfield & Associates.
Welsbach Technology Metals Acquisition plans to leverage management's experience to target businesses in the technology metals and energy transition critical materials (ETMs) sectors, or new sources of metals and materials for the purpose of developing decarbonization technologies and renewable energy.
The Lombard, IL-based company was founded in 2021 and plans to list on the Nasdaq under the symbol WTMAU. Welsbach Technology Metals Acquisition filed confidentially on November 12, 2021. Chardan Capital Markets is the sole bookrunner on the deal.
