Sons And Daughters Of BBCMF [BIRTH OF SPAC BLANK CHECK ENTITIES]

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$XPDI Power & Digital Infrastructure Acquisition Corp. Closes Upsized $345 Million Initial Public Offering
February 12, 2021 03:29 PM Eastern Standard Time
CHICAGO--(BUSINESS WIRE)--Power & Digital Infrastructure Acquisition Corp. (the “Company”), a blank check company sponsored by XPDI Sponsor LLC and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities, today announced that it closed its upsized initial public offering of 34,500,000 units at a price of $10.00 per unit, which includes the exercise in full by the underwriters of their over-allotment option to purchase an additional 4,500,000 units. Total gross proceeds from the offering were $345,000,000, before deducting underwriting discounts and commissions and other offering expenses. The units are listed on The Nasdaq Capital Market and trade under the ticker symbol “XPDIU.” Each unit consists of one share of Class A common stock of the Company and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on The Nasdaq Capital Market under the symbols “XPDI” and “XPDIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.