Ambipar aims to raise $415 million with Response’s initial public offering

The company, formerly known as Emergência, will be listed on the New York Stock Exchange after merging with a Special Purpose Acquisition Company (SPAC).

Emergência, controlled by Ambipar, will become a listed company on the New York Stock Exchange under the name Response after a business combination with HPX, a Special Purpose Acquisition Company (SPAC). The Brazilian group announced on Wednesday, July 6, that the expected price per share will reach $10, at an exchange rate of R$5.30.

Response is a company specialized in combating chemical and biological emergencies. “We are already anchored in the business. We can raise up to $415 million if there is no redemption of shares by current HPX shareholders,” said Thiago da Costa Silva, Chief Financial Officer of Ambipar, during a conference call.

According to the company, $168 million has already been committed by institutional investors. The transaction is 100% primary, meaning it will go to the company’s cash reserves, and it will be used to finance both organic and inorganic growth. After fulfilling certain conditions, the group may allocate up to $110 million over three years.

Yuri Keiserman, current advisor of Ambipar, has been appointed as the CEO of Response. The group will have a five-member organizational structure.

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