Warrior Technologies Acquisitions Company debuted Feb. 26 on the New York Stock Exchange with an upsized initial public offering that raised $240 million, a press release reported.
The IPO was priced at $10 per unit and traded under the ticker symbol WARR.U. The Midland company originally filed with the Securities and Exchange Commission Feb. 5, to raise $200 million, but offered an additional 4 million units.
Each unit consists of one share of common stock and one-half of a warrant. Each whole warrant enables the holder to purchase a common stock at $11.50 per share. Only whole warrants will be exercisable. It’s anticipated that the common stock and warrants will be listed under the ticker symbols WARR and WARR.WS, respectively, once they begin trading separately.
Warrior Technologies Acquisitions Company was formed as a blank check company in pursuit of a business or businesses in the environmental services sector that have a focus on environmental, social and governance practices. The Midland company is led by H.H. "Tripp" Wommack III, Todd Overbergen, James P. Benson and Marcus C. "Marc" Rowland.
Wommack is the founder, chairman, president and CEO of Warrior Technologies LLC, an oil and gas field services business. He is also the chairman, president and CEO of Velocity Financial LLC and Anchor Energy Resources LLC as well as the current director of Key Energy Services, according to his LinkedIn profile. The Texas native has lived and worked in Midland since the ‘80s, according to Velocity Financial’s website.
Overbergen served as a founding partner of the Houston-based equity fund Stellus Capital Management.
Benson is a founder and managing partner of Dallas-based Energy Spectrum Partners.
Rowland is the founder and senior managing director of Dallas-based IOG Capitol.
Raymond James & Associates, Inc. and EarlyBirdCapital, Inc. managed the offering.
Underwriters were granted a 45-day option to purchase additional units, up to 3.6 million, at the IPO price to cover any possible over-allotments.