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ST Energy Transition I Ltd. has priced its Stakeholder Aligned Initial Listing (SAILSM) securities at $10.00 per unit, totaling 25,000,000 units. Trading under the ticker symbol 'STET.U' commenced on December 3, 2021. Each unit comprises one Class A share and a half warrant, enabling holders to purchase additional shares at $11.50 each. The company aims to focus on energy transition and clean technology investments. Morgan Stanley and DNB Markets manage the offering, which includes a 45-day option for underwriters to buy an extra 3,750,000 securities.
Positive
Successful pricing of 25,000,000 SAILSM securities at $10.00 each, indicating strong demand.
Focus on investments in energy transition and clean technology, aligning with industry trends.
Negative
Potential dilution risk with the issuance of additional 3,750,000 securities.
Market uncertainty regarding the successful execution of the intended business combinations.
HAMILTON, Bermuda--(BUSINESS WIRE)--
ST Energy Transition I Ltd. (the “Company”) announced today the pricing of 25,000,000 Stakeholder Aligned Initial Listing, or SAILSM, security, at a price of $10.00 per SAILSM security. The SAILSM securities were listed on the New York Stock Exchange and began trading under the ticker symbol “STET.U” on December 3, 2021.
The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination with a target in any industry or geographic location, it intends to focus its search on opportunities that contribute in positive ways towards energy transition and clean energy technology.
The Company’s board is led by John Fredriksen, chairperson, and includes independent directors Ole-Eirik Lerøy, Cato Stonex, James O’Shaughnessy, Tore Myrholt and Annika Sigfrid. Gunnar Eliassen is the Chief Executive Officer of the Company and Jan Erik Klepsland is the Chief Financial Officer of the Company.
Each SAILSM security consists of one Class A share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A share at a price of $11.50 per share. Once the securities constituting the SAILSM securities begin separate trading, the Class A shares and warrants will be listed on the New York Stock Exchange under the symbols “STET” and “STETWS,” respectively.
Morgan Stanley is acting as sole bookrunning manager and joint lead manager and DNB Markets is acting as joint lead manager in the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,750,000 additional SAILSM securities at the initial public offering price to cover over-allotments, if any.
The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website (http://www.sec.gov), and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 or by e-mail to prospectus@morganstanley.com.
A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on December [2], 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.
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds thereof. 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 the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary 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.
What is ST Energy Transition I Ltd.'s SAIL securities offering?
ST Energy Transition I Ltd. offered 25 million SAILSM securities at $10.00 each to raise capital for future investments, particularly in energy transition and clean technology.
When did ST Energy Transition I Ltd. start trading its SAIL securities?
ST Energy Transition I Ltd. began trading its SAILSM securities under the ticker 'STET.U' on December 3, 2021.
What are the details of the SAIL securities offered by ST Energy Transition I Ltd.?
Each SAILSM security consists of one Class A share and one-half of a redeemable warrant, allowing for the purchase of an additional Class A share at $11.50.
Who is managing the securities offering for ST Energy Transition I Ltd.?
Morgan Stanley is the sole bookrunning manager, with DNB Markets serving as a joint lead manager for the offering.
Is there a risk of dilution for ST Energy Transition I Ltd. shareholders?
Yes, there is a dilution risk as the company granted underwriters a 45-day option to purchase up to an additional 3,750,000 SAILSM securities.
