Nabors Energy Transition Corp. –An Affiliate of Nabors –Announces Pricing of Upsized $240,000,000 Initial Public Offering
HOUSTON, Nov. 16, 2021 /PRNewswire/ -- Nabors Energy Transition Corp. (the "Company") announced today the pricing of its initial public offering (the "IPO") of 24,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "NETC.U" beginning on November 17, 2021. Each unit consists of one share of the Company's Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share. 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 NYSE under the symbols "NETC" and "NETC.WS," respectively. The IPO is expected to close on November 19, 2021, subject to customary closing conditions.
Citigroup and Wells Fargo Securities are acting as joint book-running managers and representatives of the underwriters for the IPO. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the IPO price to cover over-allotments, if any.
The IPO will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the IPO and final prospectus, when available, may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146, or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, by telephone at 833-690-2713 or by email at email@example.com.
A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 16, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Nabors Energy Transition Corp.
Nabors Energy Transition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally.
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the IPO. No assurance can be given that the IPO discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact: William C. Conroy Email: William.firstname.lastname@example.org +1 281-775-2423
SOURCE Nabors Energy Transition Corp.