Prospect Energy Holdings, a Special Purpose Acquisition Company (SPAC) targeting the clean energy industry in the Asia Pacific region, excluding China, and Canada announced recently that it has filed with the US Securities and Exchange Commission to raise up to $300 million in an initial public offering (IPO).
The company, which is based in Corona, California, revealed that it plans to offer 30 million company units, at a price of $10 per unit, with each unit consisting of one Prospect Energy common share plus one warrant exercisable at $11.50.
If the full offering amount is completed, Prospect Energy would have a market valuation of $389 million.
The company stated it plans to focus on businesses primarily in Canada and Australia in "clean coal" or other evolving segments in the clean energy ecosystem, particularly those with enterprise values in excess of $1 billion.
Prospect Energy is led by CEO Jeffrey Xie, who is currently the senior advisor of the global strategy committee and chief investment officer of the North America and Pacific Rim Region for Standard Financial Group.
The company, which was founded in 2023, said it plans to list on the Nasdaq under the symbol ‘AMGSU’.
EF Hutton is acting as the sole book runner on the deal.
Contact Sean at sean@proactiveinvestors.com