Tech and Energy Transition Corporation Announces Initial Public Offering

The Tech and Energy Transition Corporation, a blank check company focused on sector transformative events, has announced its initial public offering (IPO) of 38,500,000 units, upsized from 35,000,000 units. The units will be listed on The Nasdaq Capital Market and trade under the ticker symbol "TETCU" starting March 17, 2021. The Company aims to capitalize on transformative events in the tech and energy sectors by focusing on companies utilizing disruptive technology to build, enable, service, or manage businesses or infrastructure undergoing transformation.

Key Takeaways:

The Tech and Energy Transition Corporation has priced its initial public offering of 38,500,000 units at $10.00 per unit.
The units will be listed on The Nasdaq Capital Market and trade under the ticker symbol "TETCU" starting March 17, 2021.
Each unit consists of one Class A ordinary share and one-third of one redeemable warrant.
The Company intends to capitalize on sector transformative events by focusing on companies that use or facilitate disruptive, differentiated technology.
Citigroup Global Markets Inc. and 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.
The offering is being made only by means of a prospectus, which can be obtained from Citigroup or BofA Securities.

Statistics:

38,500,000 units priced at $10.00 per unit
5,775,000 additional units available for purchase through a 45-day option
The Company aims to capitalize on sector transformative events by focusing on companies in the tech and energy sectors
45-day option for the underwriters to purchase extra units
Net proceeds of the offering expected to be used as indicated

Sources:

Businesswire.com: https://www.businesswire.com/news/home/20210317005530/en/
Press release from Tech and Energy Transition Corporation