Glenfarne Merger Corp. Announces Closing of $250 Million Initial Public Offering

Rhea-AI Summary

Glenfarne Merger Corp. (GGMC) has successfully closed its $250 million initial public offering, consisting of 25 million units priced at $10 each. The units began trading on Nasdaq under the symbol GGMCU on March 19, 2021. Each unit includes one share of GGMC's Class A common stock and a third of a redeemable warrant, which allows the purchase of shares at $11.50 upon a business combination. GGMC aims to leverage Glenfarne Group's expertise in the energy transition and electrification sectors across the Americas.

Positive

• Successfully raised $250 million through IPO.
• Units traded on Nasdaq under the symbol GGMCU.

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• None.

Glenfarne Merger Corp. (“GGMC”), a blank check company newly incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities in the energy transition and electrification sector in the Americas, today announced the closing of its $250 million initial public offering.

The offering consisted of 25,000,000 units at a price of $10.00 per unit. The units began trading on The Nasdaq Capital Market under the ticker symbol “GGMCU” on March 19, 2021. Each unit consists of one share of GGMC’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of GGMC’s Class A common stock at a price of $11.50 per share, upon the consummation of an initial business combination.

GGMC is an affiliate of Glenfarne Group, LLC (“Glenfarne”), created to capitalize on the significant experience of Glenfarne’s senior management team, led by Founder and Managing Partner, Brendan Duval, in the infrastructure sector across the Americas. Founded in 2011, Glenfarne is a developer, owner-operator and asset manager of energy and infrastructure holdings across North and South America with two operating platforms: EnfraGen, which focuses on energy transition assets in grid stability and value-added renewables, and Alder Midstream, its gas infrastructure business.

Mizuho acted as the sole book running manager for the offering. The underwriter has been granted a 45-day option to purchase up to an additional 3,750,000 units offered by the Company to cover over-allotments, if any, at the initial public offering price. Greenberg Traurig represented GGMC, and White & Case served as underwriters’ counsel.

The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained from Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, New York, New York 10020; Telephone: 212-205-7600.

A registration statement relating to the securities became effective on March 18, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of GGMC’s initial public offering and its search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of GGMC, including those set forth in the “Risk Factors” section of GGMC’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. GGMC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Glenfarne Merger Corp.

Glenfarne Merger Corp. is a blank check company led by the management team at Glenfarne Group, LLC, newly incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities in the energy transition and electrification sector in the Americas. For more information, please visit www.glenfarnemerger.com.

About Glenfarne Group

Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Panama City, Panama; Santiago, Chile and Bogota, Colombia. Glenfarne's seasoned executives, asset managers and operators develop, acquire, manage and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.

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FAQ

What is Glenfarne Merger Corp. GGMC's initial public offering amount?

GGMC raised $250 million in its initial public offering.

When did GGMC start trading on Nasdaq?

GGMC began trading on Nasdaq on March 19, 2021.

What does each unit of GGMC consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What price can the redeemable warrants be exercised at?

The redeemable warrants can be exercised at a price of $11.50 per share.

What sectors is GGMC targeting for its business combinations?

GGMC is targeting businesses in the energy transition and electrification sector.