Bulletin
Investor Alert

London Markets Open in:

Market Pulse Archives

Oct. 7, 2020, 10:09 a.m. EDT

SPAC Empower prices IPO to raise $250 million

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Empower (EMPW.U)
  • X
    Renaissance IPO ETF (IPO)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

"Blank-check" company Empower Ltd. EMPW.U 0.00% 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 /zigman2/quotes/207665280/composite IPO +3.91% has gained 27.1% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.38% has advanced 8.1%.

US : Pre-Ipo
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 69.40
+2.61 +3.91%
Volume: 1.02M
March 1, 2021 8:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,901.82
+90.67 +2.38%
Volume: 2.41B
March 1, 2021 5:05p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.