Sustainable tech SPAC Qell Acquisition files for a $300 million IPO

Qell Acquisition, a blank check company formed by PIMCO and industry veterans targeting a sustainable tech business, filed on Friday with the to raise up to $300 million in an initial public offering.

The San Francisco, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Qell Acquisition would command a market value of $375 million.

The company is led by CEO and Director Barry Engle, who spent the past five years in senior executive roles at General Motors, most recently serving as President of GM North America. CFO and Director  recently led OGCI Climate Investments’ San Francisco office and before that served as Managing Director of sustainability-focused private investment fund Element Partners. The company plans to target the next-generation mobility, transportation, and sustainable industrial technology sectors.

Qell Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol QELL.U. J.P. Morgan and are the joint bookrunners on the deal.

Source: Renaissance Capital – Sustainable tech SPAC Qell Acquisition files for a $300 million IPO

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