East Resources Acquisition $300 million IPO
Davis Polk advised the sole book runner in connection with the initial public offering of 30,000,000 units of East Resources Acquisition Company for aggregate proceeds of $300 million. Each unit consists of one share of Class A common stock and one-half of one warrant to purchase one share of Class A common stock of East Resources Acquisition Company. The units were listed on the Nasdaq Stock Market Exchange under the symbol “ERESU.” The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.
East Resources Acquisition Company is a blank check company, newly incorporated in Delaware whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although East Resources Acquisition Company is not limited to a particular industry or geographic region for purposes of consummating a business combination, it intends to focus on identifying a prospective target business in the energy industry in North America.
The Davis Polk corporate team included partners Derek Dostal, Deanna L. Kirkpatrick and Byron B. Rooney and associates Elliot M. de Carvalho and Hugo Casella. The tax team included partner William A. Curran and associate Lex L. Varga. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York and São Paulo offices.