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Tech and Energy Transition Corporation (NASDAQ: TETCU) has announced that holders of the 38,500,000 units from its IPO can now separately trade shares of Class A common stock and redeemable warrants. The units continue to trade under the symbol TETCU, while the separated shares will trade as TETC and TETCWS. This move allows for more flexibility in trading for investors. The company is a blank check firm aimed at transformative business combinations. Citigroup and BofA Securities are joint book-running managers for this offering.
Tech and Energy Transition Corporation has successfully closed its initial public offering (IPO) of 38,500,000 units, generating gross proceeds of $385 million. Each unit consists of one share of Class A common stock and one-third of a redeemable warrant, with shares trading on Nasdaq under the ticker symbol 'TETCU.' The IPO pricing was set at $10.00 per unit, and the company has granted underwriters a 45-day option to purchase an additional 5,775,000 units. The company aims to engage in transformative business combinations, focusing on technology-driven firms.
Tech and Energy Transition Corporation priced its initial public offering of 38,500,000 units at $10.00 each, increasing from 35,000,000 units. Trading on Nasdaq under ticker symbol 'TETCU' begins March 17, 2021. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant, which allows the purchase of an additional share at $11.50. Citigroup and BofA Securities serve as joint book-running managers. A 45-day option for underwriters to purchase an additional 5,775,000 units has been granted.
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