CO2 Energy Transition's $60M SPAC Debut on Nasdaq
Deal News | Nov 25, 2024 | Olshan Frome Wolosky LLP
CO2 Energy Transition Corp. has successfully completed a $60 million initial public offering (IPO), marking its IPO debut on the Nasdaq exchange. The company is a newly formed special purpose acquisition company (SPAC) and focuses on targeting opportunities within the carbon capture, utilization, and storage industry. Olshan Frome Wolosky LLP acted as legal advisor to Kingswood Capital Partners LLC, who served as the sole underwriter for the offering. The IPO consisted of 6 million units sold at $10 each, with each unit comprising one share of common stock, one redeemable warrant for a share of common stock at $11.50 per share, and a right to one-eighth of a share of common stock to be realized after completing the initial business combination. Kingswood Capital also made use of its over-allotment option to purchase an additional 900,000 units at the same offer price. The units are currently trading on The Nasdaq Global Market under the ticker symbol NOEMU, and the individual components are expected to be separately traded on Nasdaq at a later stage.
Sectors
- Special Purpose Acquisition Company (SPAC)
- Carbon Capture, Utilization, and Storage
- Investment Banking
- Legal Services
Geography
- United States – The SPAC IPO and its trading on Nasdaq are events taking place within the financial markets of the United States.
Industry
- Special Purpose Acquisition Company (SPAC) – The article discusses CO2 Energy Transition Corp.'s IPO as a SPAC, focusing on their intention to target businesses in the carbon capture, utilization, and storage industry.
- Carbon Capture, Utilization, and Storage – CO2 Energy Transition aims to initially pursue targets within this industry, indicating its strategic interest and operational focus.
- Investment Banking – The article involves Kingswood Capital Partners in the role of sole underwriter, highlighting the investment banking aspect of the deal.
- Legal Services – Olshan Frome Wolosky LLP provided legal advisory services, emphasizing the importance of legal services in financial transactions.
Financials
- $60,000,000 – The total amount raised in the SPAC IPO by CO2 Energy Transition Corp.
- 10.00 – The offering price per unit in the SPAC IPO.
- 900,000 – The number of additional units sold via the over-allotment option exercised by Kingswood Capital.
- 11.50 – The exercise price for the redeemable warrant per unit.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CO2 Energy Transition Corp. | Target | Company | A newly formed SPAC focusing on carbon capture, utilization, and storage industry opportunities. |
| Kingswood Capital Partners LLC | Underwriter | Company | The sole underwriter for the $60 million SPAC IPO of CO2 Energy Transition Corp. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Provided legal advisory services to Kingswood Capital Partners LLC for the IPO. |
| Spencer G. Feldman | Legal Team Lead | Person | Corporate partner at Olshan Frome Wolosky LLP, leading the legal team for the transaction. |
| Dakota J. Forsyth | Legal Associate | Person | Corporate associate at Olshan Frome Wolosky LLP, part of the legal team for the transaction. |