AP Acquisition, a blank check company targeting the decarbonization and renewable energy sectors, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Sponsor affiliate Tokyo Century had indicated on $20 million worth of units in the offering (13% of the deal).
The company is led by Chairman Richard Folsom, co-founder and Representative Partner of Asian private equity firm Advantage Partners, and CEO and Director Keiichi Suzuki, Partner and Head of Renewables & Sustainability at Advantage Partners. The company seeks to leverage its experience in clean energy investing and operational improvement and management to target the decarbonization and renewable energy sectors, with a particular focus in Japan and Asia (excluding China), as well as European markets.
AP Acquisition plans to list on the NYSE under the symbol APCAU. Credit Suisse acted as sole bookrunner on the deal.
