Broadscale Acquisition Corp., offed holders of the company’s units the option to separately trade the Class A common shares and warrants underlying the units. Those units not separated will continue to trade on the Nasdaq Capital Market under the symbol “SCLEU” and the Class A common shares and warrants are expected to trade 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 is focusing 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.