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Zimmer Energy Transition Acquisition Corp. - ZT

  • Commons

    $9.74

    -0.10%

    ZT Vol: 2.0

  • Warrants

    $0.95

    +5.28%

    ZTAQW Vol: 4.2K

  • Units

    $10.09

    +0.00%

    ZTAQU Vol: 23.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 336.0M
Average Volume: 61.9K
52W Range: $9.58 - $9.90
Weekly %: -0.41%
Monthly %: -0.31%
Inst Owners: 8

Info

Target: Searching
Days Since IPO: 172
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-third of one warrant
Trust Size: 35000000.0M

Management

Officers, Directors and Director Nominees.” Certain of our officers and directors are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Our sponsor and officers and directors are, and may in the future become, affiliated with entities that are engaged in a similar business, including another blank check company that may have acquisition objectives that are similar to ours or that is focused on a particular industry. Moreover, certain of our officers and directors have time and attention requirements for private investment funds of which affiliates of Zimmer are the investment managers. In addition, during the period in which we are seeking our initial business combination, Zimmer and its affiliates may form and currently manage other investment vehicles investing in public companies at any time prior to the announcement of our initial business combination, including but not limited to, investment vehicles that may invest side-by-side with our company. Although we do not believe that Zimmer and its affiliates’ activities present significant conflicts of interest with respect to our pursuit of an acquisition target, certain conflicts described herein may still arise. Our officers, directors and director nominees also may become aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. Our directors, director nominees and officers currently have, and any of them in the future may have, additional, fiduciary or contractual obligations to another entity pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity, including, without limitation, funds managed or advised by Zimmer or its affiliates, subject to their fiduciary duties. If any of our officers, directors or director nominees becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Accordingly, our officers, directors and director nominees may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved 55 TABLE OF CONTENTS in our favor and a potential target business may be presented to another entity prior to its presentation to us. Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue. For a complete discussion of our officers’, directors’ and director nominees’ business affiliations and the potential conflicts of interest that you should be aware of, please see the sections of this prospectus entitled “Management—Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so, or we may acquire a target business through an Affiliated Joint Acquisition with one or more affiliates of Zimmer and/or one or more investors in Zimmer Funds. We do not have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. In particular, Zimmer and its affiliates also are focused on investments in the energy industry. As a result, there may be substantial overlap between companies that would be a suitable business combination for us and companies that would make an attractive target for such other affiliates. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers or directors. Our directors also serve as officers and board members for other entities, including, without limitation, those described under the section of this prospectus entitled “Management—Conflicts of Interest.” Pursuant to an agreement to be entered into prior to the closing of this offering, C. John Wilder will serve as a non-voting board observer effective as of or prior to the effective date of this offering and until the consummation of an initial business combination. Other than certain customary confidentiality obligations, he is not required to devote any time to our affairs and will not be a party to the letter agreement and has other affiliations including, without limitation, those described under “Management—Conflicts of Interest.” Our sponsor, officers and directors may sponsor, form or participate in other blank check companies similar to ours during the period in which we are seeking an initial business combination. Such entities may compete with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in the section of this prospectus entitled “Proposed Business—​Selection of a Target Business and Structuring of our Initial Business Combination” and such transaction was approved by a majority of our disinterested directors. Despite our obligation to obtain an opinion from an independent investment banking firm that is a member of FINRA, or from an independent accounting firm, regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest. 56 TABLE OF CONTENTS Moreover, we may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity affiliated with Zimmer and/or one or more investors in Zimmer Funds. Any such parties may co-invest with us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the acquisition by making a specified future issuance to any such parties. Since our sponsor, officers and directors will lose their entire investment in us if our business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On March 12, 2021, our sponsor acquired an aggregate of 10,062,500 founder shares in exchange for a capital contribution of $25,000, or approximately $0.002 per share. The number of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares after this offering. In         2021, our sponsor transferred 120,000 founder shares in the aggregate to our independent director nominees at their original purchase price. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 9,500,000 (or 10,550,000 if the underwriters’ over-allotment option is exercised in full) private placement warrants, each exercisable for one share of our Class A common stock at $11.50 per share, for a purchase price of approximately $9,500,000 (or approximately $10,550,000 if the underwriters’ over-allotment option is exercised in full), or $1.00 per whole warrant, that will also be worthless if we do not complete a business combination. Holders of founder shares have agreed (A) to vote any shares owned by them in favor of any proposed business combination and (B) not to redeem any founder shares in connection with a stockholder vote to approve a proposed initial business combination. In addition, we may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. Our management may not be able to maintain control of a target business after our initial business combination. We may structure a business combination so that the post-transaction company in which our public stockholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise is not required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares of Class A common stock in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new shares of common stock, our stockholders immediately prior to such transaction could own less than a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority stockholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s stock than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business. Our initial stockholders will control the election of our board of directors until consummation of our initial business combination and will hold a substantial interest in us. As a result, they will elect all of our directors prior to our initial business combination and may exert a substantial influence on actions requiring a stockholder vote, potentially in a manner that you do not support. Upon the closing of this offering, our initial stockholders will own shares representing 20% of our issued and outstanding shares of common stock (assuming they do not purchase any units in this offering). In addition, the founder shares, all of which are held by our initial stockholders, will entitle the holders to elect all of our directors prior to our initial business combination. Holders of our public shares will have no 57 TABLE OF CONTENTS right to vote on the election of directors during such time. These provisions of our amended and restated certificate of incorporation may only be amended by a majority of at least 90% of our common stock voting at a stockholder meeting. As a result, you will not have any influence over the election of directors prior to our initial business combination. Accordingly, our initial stockholders may exert a substantial influence on actions requiring a stockholder vote, potentially in a manner that you do not support, including amendments to our amended and restated certificate of incorporation and approval of major corporate transactions. If our initial stockholders purchase any units in this offering or if our initial stockholders purchase any additional shares of common stock in the aftermarket or in privately negotiated transactions, this would increase their control. Factors that would be considered in making such additional purchases would include consideration of the current trading price of our Class A common stock. In addition, our board of directors, whose members were elected by our initial stockholders, is and will be divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. We may not hold an annual meeting of stockholders to elect new directors prior to the completion of our business combination, in which case all of the current directors will continue in office until at least the completion of the business combination. If there is an annual meeting, as a consequence of our “staggered” board of directors, only a minority of the board of directors will be considered for election and our initial stockholders, because of their ownership position, will have considerable influence regarding the outcome. Accordingly, our initial stockholders will continue to exert control at least until the completion of our business combination. Our sponsor contributed an aggregate of $25,000, or approximately $0.002 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class A common stock to the benefit of our sponsor and certain of our directors and officers. The difference between the public offering price per share (allocating all of the unit purchase price to the Class A common stock and none to the warrant included in the unit) and the pro forma net tangible book value per share of our Class A common stock after this offering constitutes the dilution to you and the other investors in this offering. Our sponsor acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon the closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public stockholders will incur an immediate and substantial dilution of approximately 95.20% (or $9.52 per share, assuming no exercise of the underwriters’ over-allotment option), the difference between the pro forma net tangible book value per share of $0.48 and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights of the founder shares, any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately dilutive to our Class A common stock. Moreover, although we are of the view that our sponsor, directors and officers paid fair value for the founder shares, there is no assurance that a taxing authority would agree with us, and if a taxing authority were to successfully assert otherwise, we may be subject to material withholding and other tax liabilities that could adversely affect our financial condition. General Risk Factors We may issue additional common stock or preferred stock to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue shares of Class A common stock upon the conversion of the Class B common stock at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated certificate of incorporation. Any such issuances would dilute the interest of our stockholders and likely present other risks. Our amended and restated certificate of incorporation will authorize the issuance of up to 200,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. Immediately after this offering, there will be 165,000,000 and 11,250,000 (assuming, in each case, that the underwriters have not exercised their over-allotment option) authorized but unissued shares of Class A common stock and Class B common stock, respectively, available for issuance, which amount does not take into account the shares of Class A common stock reserved for issuance upon exercise of any outstanding warrants or the shares of Class A common stock issuable upon conversion of shares of Class B common stock. Immediately after the consummation of this offering, there will be no shares of preferred stock issued 58 TABLE OF CONTENTS and outstanding. Shares of our Class B common stock are convertible into shares of our Class A common stock initially at a one-for-one ratio but subject to adjustment as set forth herein, including in certain circumstances in which we issue Class A common stock or equity-linked securities related to our initial business combination. We may issue a substantial number of additional shares of common or preferred stock to complete our initial business combination (including pursuant to a specified future issuance) or under an employee incentive plan after completion of our initial business combination. We may also issue shares of Class A common stock upon conversion of the Class B common stock at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and restated certificate of incorporation. However, our amended and restated certificate of incorporation will provide, among other things, that prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination. The issuance of additional shares of common or preferred stock: • may significa

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 13.44%
% of Float Held by Institutions 13.44%
Number of Institutions Holding Shares 8

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-12-01 Balyasny Asset Management LLC 200,000 $1,950,000 0.0% 0 0.464%
2021-11-16 Whitebox Advisors LLC 75,000 $730,000 0.0% 0 0.174%
2021-11-16 Moore Capital Management LP 400,000 $3,890,000 0.1% 0 0.928%
2021-11-16 CVI Holdings LLC 163,900 $1,600,000 0.1% 0 0.380%
2021-11-15 Alberta Investment Management Corp 600,000 $5,840,000 0.1% 0 1.391%
2021-11-15 Marshall Wace LLP 627,264 $6,100,000 0.0% 0 1.455%
2021-11-15 Yaupon Capital Management LP 500,000 $4,870,000 2.9% 0 1.159%
2021-11-15 Balyasny Asset Management LLC 200,000 $1,950,000 0.0% 0 0.464%
2021-11-15 Cinctive Capital Management LP 499,998 $4,870,000 0.2% 0 1.159%
2021-11-15 HighTower Advisors LLC 104,988 $1,020,000 0.0% 0 0.243%
2021-11-12 GABELLI & Co INVESTMENT ADVISERS INC. 69,200 $670,000 0.1% 0 0.160%
2021-11-12 Gabelli Funds LLC 80,800 $790,000 0.0% 0 0.187%
2021-11-12 Weiss Asset Management LP 522,153 $5,080,000 0.1% 0 1.211%
2021-11-12 Magnetar Financial LLC 10,331 $100,000 0.0% 0 0.024%
2021-11-09 Monashee Investment Management LLC 199,992 $1,950,000 0.4% 0 0.464%

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1849408/000110465921137483/ztaqu-20210930x10q.htm
10-Q 10-Q 2021-08-16 https://www.sec.gov/Archives/edgar/data/1849408/000110465921105604/ztaqu-20210630x10q.htm
8-K FORM 8-K 2021-08-05 https://www.sec.gov/Archives/edgar/data/1849408/000110465921100464/tm2124089d1_8k.htm
10-Q 10-Q 2021-07-30 https://www.sec.gov/Archives/edgar/data/1849408/000110465921097935/ztaqu-20210331x10q.htm
4 OWNERSHIP DOCUMENT 2021-07-01 https://www.sec.gov/Archives/edgar/data/1849408/000110465921088264/xslF345X03/tm2121174-1_4seq1.xml
SC 13G SC 13G 2021-06-29 https://www.sec.gov/Archives/edgar/data/1849408/000119312521203320/d169808dsc13g.htm
SC 13G ZIMMER ENERGY TRANSITION ACQUISITION CORP. 2021-06-28 https://www.sec.gov/Archives/edgar/data/1849408/000090266421003296/p21-1684sc13g.htm
SC 13D 2021-06-25 https://www.sec.gov/Archives/edgar/data/1849408/000101143821000163/form_sc13d-zimmer.htm
8-K FORM 8-K 2021-06-24 https://www.sec.gov/Archives/edgar/data/1849408/000110465921085100/tm2120337d1_8k.htm
4 OWNERSHIP DOCUMENT 2021-06-22 https://www.sec.gov/Archives/edgar/data/1849408/000110465921084237/xslF345X03/tm2119620-7_4seq1.xml
8-K FORM 8-K 2021-06-21 https://www.sec.gov/Archives/edgar/data/1849408/000110465921083163/tm218925d13_8k.htm
424B4 424B4 2021-06-17 https://www.sec.gov/Archives/edgar/data/1849408/000110465921082668/tm218925-8_424b4.htm
EFFECT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/999999999521002342/xslEFFECTX01/primary_doc.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081657/xslF345X02/tm2119620-5_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081656/xslF345X02/tm2119620-6_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081655/xslF345X02/tm2119620-2_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081654/xslF345X02/tm2119620-4_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081653/xslF345X02/tm2119620-1_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000110465921081652/xslF345X02/tm2119620-3_3seq1.xml
CERT 2021-06-15 https://www.sec.gov/Archives/edgar/data/1849408/000135445721000662/8A_Cert_ZT.pdf
8-A12B FORM 8-A12B 2021-06-14 https://www.sec.gov/Archives/edgar/data/1849408/000110465921080765/tm218925d12_8a12b.htm
S-1/A S-1/A 2021-06-07 https://www.sec.gov/Archives/edgar/data/1849408/000110465921077787/tm218925-6_s1a.htm
S-1/A AMENDMENT #1 TO FORM S-1 REGISTRATION STATEMENT 2021-05-17 https://www.sec.gov/Archives/edgar/data/1849408/000110465921067160/tm218925-3_s1a.htm
S-1 S-1 2021-04-01 https://www.sec.gov/Archives/edgar/data/1849408/000110465921044988/tm218925-1_s1.htm