Energy SPAC Energem Seeks To Raise US$100 Million In IPO

Special purpose acquisition company Energem Corp. (Nasdaq: ENCPU) went public on the Nasdaq Global Market today. The Malaysian firm is looking to raise US$100.0 million through its initial public offering.

The offering consists of 10.0 million units priced at US$10.00 per unit. Each unit is composed of one common share and one purchase warrant, with each whole warrant entitles to one common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “ENCPU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “ENCP” and “ENCPW”, respectively.

The proposed offering is being managed by EF Hutton as the sole bookrunner. The company has granted the underwriters a 45-day over-allotment option to purchase additional 1.5 million company units.

The Kuala Lumpur-based blank-check company intends to focus on businesses in the energy industry. The firm is being led by its CEO Swee Guan Hoo.

Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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