Nabors Energy Transition II registered with the SEC to offer 30 million units at $10 each. A unit consists of one Class A ordinary share and one-half of a warrant.
The energy transition SPAC was formed by Nabors Industries, which owns and operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs and related services in the United States and several international markets, according to the s-1 filing.
The SPAC will focus on companies engaged in the global energy sector's shift from fossil-based systems of energy production and consumption—including oil, natural gas and coal—to renewable energy sources such as geothermal energy or hydrogen.
Nabors II intends to apply for a Nasdaq listing under the symbol NETDU.
Management's first Nabors Energy Transition SPAC has a deal pending with Vast Solar Pty Ltd. Announced in February, the deal carries an implied pro forma equity value between $305 million and $586 million, depending on redemptions. Read more.