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.
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...