Dorchester Capital Acquisition, a blank check company targeting the US onshore oil and gas sector, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.
The company plans to raise $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. At the proposed deal size, Dorchester Capital Acquisition would command a market value of $189 million.
Dorchester Capital Acquisition is led by CEO and Director Brian Shannon, the CEO of upstream oil and gas-focused accounting and asset management firm DEM, CFO and Director John Perri, the President of Dorchester Capital Corporation, and Chairman David Wood, the former CEO of Gulfport Energy Corporation.
The company plans to capitalize on management's experience to target the energy industry in North America, focusing on the US onshore upstream oil and gas sector.
The Oklahoma City, OK-based company was founded in 2022 and plans to list on the NYSE under the symbol DSPK.U. Dorchester Capital Acquisition filed confidentially on May 6, 2022. EarlyBirdCapital and Stephens Inc. are the joint bookrunners on the deal.
