Broadscale Acquisition Corp. has closed its 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’s sponsor is a joint venture of Broadscale Group and 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.
Morgan Stanley acted as sole book-running manager for the offering.