SPAC Empower prices IPO to raise $250 million

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“Blank-check” company Empower Ltd. said Wednesday that it priced its initial public offering to raise $250 million. The special purpose acquisition company (SPAC) said its IPO of 25 million units priced at $10 per unit. Each unit consists of one Class A share and one-third of one warrant; one warrant entitles the holder to buy one Class A share at a price of $11.50 per share. The stock is set to list on the New York Stock Exchange under the ticker symbol “EMPW.U,” on Wednesday. J.P. Morgan and Jefferies acted as joint book-running managers of the IPO. The company has granted the underwriters the option to buy up to an additional 3.75 million units at the IPO price to cover overallotments. “While we may pursue an initial business combination in any industry, sector or geographic region, we intend to focus our search initially on U.S. businesses that complement our broad experience in consumer-facing enterprises at the forefront of evolving preferences, tastes, experiences and values and that have the potential to offer a differentiated proposition that creates more meaning and connectivity to the modern consumer,” the company said in a recent filing. The company is going public at a time that the Renaissance IPO ETF has gained 27.1% over the past three months, while the S&P 500 has advanced 8.1%.
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