Broadscale Acquisition Corp. Announces Closing of Upsized $345 Million Initial Public Offering
17 Février 2021 - 10:00PM
Broadscale Acquisition Corp. (the “Company”) today announced that
it closed its upsized initial public offering of 34,500,000 units
at a price of $10.00 per unit, which includes the exercise in full
by the underwriter of its over-allotment option to purchase an
additional 4,500,000 units. Total gross proceeds from the offering
were $345,000,000, before deducting underwriting discounts and
commissions and other offering expenses. The units are listed on
The Nasdaq Capital Market and trade under the ticker symbol
“SCLEU.” Each unit consists of one share of Class A common stock of
the Company and one-fourth of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of Class
A common stock of the Company at a price of $11.50 per share,
subject to adjustment, and only whole warrants are exercisable.
Once the securities comprising the units begin separate trading,
the shares of Class A common stock and warrants are expected to be
listed on The Nasdaq Capital Market under the symbols “SCLE” and
“SCLEW,” respectively. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade.
The Company is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses or entities. The Company intends to focus its
search for a business combination target on opportunities that
align with its mission of “Disruption for Good”-- that is, the
transformation of traditional industries in positive ways that
generate tangible improvements to the well-being of the global
population, particularly with respect to energy, transportation,
buildings, manufacturing, and food and agriculture.
The Company's sponsor is a joint venture of Andrew L. Shapiro's
Broadscale Group and Jonathan Z. Cohen and Edward E. Cohen's HEPCO
Capital Management. The Company is led by Andrew L. Shapiro,
Chairman and Chief Executive Officer; Dan Leff, Senior Operating
Partner; and John Hanna, Chief Financial Officer and Head of
Acquisitions. The team also includes independent directors Lisa
Coca, Andy Karsner, and Georgia Levenson Keohane, as well as senior
advisors Stephan Dolezalek, Ray Lane, and Heather Zichal.
Morgan Stanley acted as sole book-running manager for the
offering.
The offering was made only by means of a prospectus. Copies of
the prospectus may be obtained
from:
Morgan Stanley & Co. LLCAttention: Prospectus Department180
Varick Street, 2nd Floor New York, NY 10014
Registration statements relating to these securities have been
filed with the Securities and Exchange Commission ("SEC") and
became effective on February 11, 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 an 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. No
assurance can be given 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 Securities and Exchange
Commission (“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.
Contacts
Andrew Shapiro Chairman and Chief Executive Officer
ashapiro@broadscalespac.com (646)
849-9977
John Hanna Chief Financial Officer and Head of Acquisitions
jhanna@broadscalespac.com
(917) 941-4273
Broadscale Acquisition (NASDAQ:SCLEU)
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