Tech and Energy Transition Corporation Announces Pricing of $385,000,000 Upsized Initial Public Offering

Rhea-AI Summary

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.

Positive

• Initial public offering upsized to 38,500,000 units from 35,000,000.
• Each unit priced at $10.00, indicating strong market interest.
• Potential for additional capital through the underwriter's option to purchase 5,775,000 units.

Negative

• No guaranteed completion of the offering at the proposed terms.
• Possibility of not utilizing net proceeds as intended due to forward-looking statement risks.

Tech and Energy Transition Corporation (the “Company”) announced today that it priced its initial public offering of 38,500,000 units, upsized from 35,000,000 units, at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “TETCU” beginning March 17, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “TETC” and “TETCWS,” respectively.

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 proposed 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005530/en/

FAQ

What is the ticker symbol for Tech and Energy Transition Corporation?

The ticker symbol is 'TETCU' for the units, with Class A ordinary shares trading under 'TETC'.

How many units are being offered in the IPO?

The IPO is offering 38,500,000 units.

What is included in each unit of the offering?

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

What is the exercise price for the redeemable warrants?

Each whole warrant allows the purchase of a share at $11.50.

Who are the underwriters for this IPO?

Citigroup Global Markets Inc. and BofA Securities are the joint book-running managers.