Kernel Group Holdings, Inc. announced the pricing of its upsized $265 million IPO this evening and its units are expected to begin trading on the Nasdaq under the symbol “KRNLU” Wednesday, February 3.
The new company aims to combine with a logistics, technology infrastructure or marketplace target with an enterprise value of at least $1 billion. Kernel is led by CEO Mark Gross, CFO Rakesh Tondon, COO Brett Northart, CIO Vivek Paul, and Chief Administrative Officer.
Total SPAC deal count for 2021 year-to-date is now 100 with $29.1 billion in gross proceeds raised. This offering is expected to close on Friday, February 5.
Citigroup Global Markets Inc. is acting as the sole book-running manager for the offering. Kirkland & Ellis LLP is serving as Issuer’s Counsel with Weil, Gotshall & Manges LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.