Appleby acted as Bermuda counsel to ST Energy Transition I Ltd. (the "Company") on its USD250 million SPAC IPO on the New York Stock Exchange targeting energy transition and clean energy technology.
The offering was structured and differentiated from a number of other SPACs by using the "stakeholder aligned initial listing" model (or SAIL) which means that the potential financial benefit for the sponsor is directly coupled to the long term value that is created for investors.
The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination with a target in any industry or geographic location, it intends to focus its search on opportunities that contribute in positive ways towards energy transition and clean energy technology.
The SAILSM securities have been listed on the New York Stock Exchange and trade under the ticker symbol "STET.U".
Partner Matt Ebbs-Brewer led the transaction with support from Partner Sally Penrose, Senior Counsel John Riihiluoma, Associates Riley O'Brien, Katie Blundy and Ashley Bento.