Tech and Energy Transition Corporation Announces Closing of $385,000,000 Upsized Initial Public 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.
- Gross proceeds of $385 million from the IPO.
- Upsized offering from 35,000,000 units to 38,500,000 units.
- None.
Tech and Energy Transition Corporation (the “Company”) announced today the closing of its initial public offering of 38,500,000 units, upsized from 35,000,000 units, at a price of
The Company 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 capitalize on sector transformative events by focusing on companies that use or facilitate disruptive, differentiated technology to build, enable, service or manage businesses or infrastructure undergoing transformation.
Citigroup Global Markets Inc. (“Citigroup”) and BofA Securities (“BofA Securities”) are acting as joint book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 5,775,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 800-831-9146; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or by emailing dg.prospectus_requests@bofa.com.
A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 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 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 initial public offering and the anticipated use of the net proceeds. 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 of these documents 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.
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