CENAQ Energy Corp. has closed its initial public offering of 15,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $150,000,000. The units began trading on the Nasdaq Stock Market under the ticker symbol “CENQU” on August 13. Each unit issued in the offering consists of one share of the Company’s Class A common stock and three-quarters of one warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NASDAQ under the symbols “CENQ” and “CENQW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The company is seeking a business combination within the energy industry of North America.
Imperial Capital LLC and I-Bankers Securities, Inc. served as the book runners for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.