Industrial tech SPAC Pontem Corp. ups deal size by 33% ahead of $500 million IPO
Pontem Corp., a blank check company targeting industrial technology businesses, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $500 million by offering 50 million units at $10. The company had previously filed to offer 37.5 million units at the same price. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to a forward purchase agreement with with QVIDTVM Management, an affiliate of the sponsor. At the revised deal size, Pontem Corp. will raise 33% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Hubertus Muehlhaeuser, the former CEO of CNH Industrial and Welbilt, and CFO Nina Murphy, who serves as COO of QVIDTVM. Pontem Corp. plans to target hybrid "industrial and technology" businesses, focusing on established high-quality businesses that have sustainable competitive advantages and disruptive businesses with unique technologies and solid business models.
Pontem Corp. was founded in 2020 and plans to list on the NYSE under the symbol PNTM.U. Credit Suisse and Guggenheim Securities are the joint bookrunners on the deal.
The article Industrial tech SPAC Pontem Corp. ups deal size by 33% ahead of $500 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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