Nabors Energy Transition Corp. Announces Closing of $276,000,000 Initial Public Offering, Including Full Exercise of Underwriters' Option to Purchase Additional Units

Rhea-AI Summary

Nabors Energy Transition Corp. closed its initial public offering (IPO) of 27,600,000 units at $10.00 per unit, raising a total of $276 million. This includes the full exercise of an option by underwriters for an additional 3,600,000 units. Each unit consists of one Class A common stock share and half a redeemable warrant. The securities will trade on the NYSE under the symbols NETC.U for units, NETC for common stock, and NETC.WS for warrants. Citigroup and Wells Fargo Securities were the joint book-running managers for the offering.

Positive

• Raised $276 million through the IPO, enhancing capital for future business scenarios.
• Successful full exercise of the underwriter's option, indicating strong demand for the offering.

Negative

• Potential dilution of shares due to the issuance of additional units.

HOUSTON, Nov. 19, 2021 /PRNewswire/ -- Nabors Energy Transition Corp. (the "Company") announced today the closing of its initial public offering (the "IPO") of 27,600,000 units at a price of $10.00 per unit. This includes the exercise in full by the underwriters of their option to purchase up to an additional 3,600,000 units. The units are listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "NETC.U". Each unit consists of one share of the Company's Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "NETC" and "NETC.WS," respectively.

Citigroup and Wells Fargo Securities acted as joint book-running managers and representatives of the underwriters for the IPO.

The IPO was made by means of a prospectus. Copies of the preliminary prospectus relating to the IPO and final prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146, or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, by telephone at +1 833-690-2713 or by email at cmclientsupport@wellsfargo.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 16, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Nabors Energy Transition Corp.

Nabors Energy Transition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally. 

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts:

William C. Conroy +1 281-775-2423 Email: William.conroy@nabors-etcorp.com

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SOURCE Nabors Energy Transition Corp.

FAQ

What is the closing date of Nabors Energy Transition Corp.'s IPO?

The closing date of the IPO was November 19, 2021.

What is the ticker symbol for Nabors Energy Transition Corp.'s units?

The ticker symbol for the units is NETC.U.

How much capital did Nabors Energy Transition Corp. raise in its IPO?

Nabors Energy Transition Corp. raised a total of $276 million.

What does each unit in Nabors Energy Transition Corp.'s IPO consist of?

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

What are the expected ticker symbols for the Class A common stock and warrants?

The expected ticker symbol for the Class A common stock is NETC, and for the warrants, it is NETC.WS.