HAMILTON, Bermuda, June 22,
2023 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors"
or the "Company") (NYSE: NBR), a leading provider of advanced
technology for the global energy industry, announced today that
Nabors Energy Transition Corp. II ("NETD"), a newly formed special
purpose acquisition company and an affiliate of Nabors, has filed a
registration statement on Form S-1 (the "Registration Statement")
with the Securities and Exchange Commission (the "SEC") in
connection with a proposed initial public offering of its units.
NETD intends to list its units on the Nasdaq Global Market under
the symbol "NETDU." Each unit will consist of one Class A ordinary
share of NETD and one-half of one redeemable warrant to purchase
one Class A ordinary share of NETD.
NETD 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 or entities. NETD intends to facilitate, improve or
complement the ongoing global energy sector's shift from
fossil-based systems of energy production and consumption to
renewable energy sources.
NETD intends to leverage Nabors' particular energy transition
experience and its expertise developing and deploying discrete,
mobile assets, advanced technologies and applications globally as
well as the commercial, operation and financial expertise and
industry relationships of NETD's directors and executive officers
to effectively identify and execute on investment
opportunities.
NETD will be managed by a subset of Nabors' management team,
including Anthony G. Petrello,
Nabors' Chairman, CEO and President, William Restrepo, Nabors' CFO, and Guillermo Sierra, Nabors' Vice President of
Strategic Initiatives – Energy Transition, who collectively have
extensive expertise in the areas of energy, technology, strategy,
operations, marketing and finance.
NETD intends to raise $300 million
in the proposed offering through the sale of units consisting of
ordinary shares and warrants to purchase ordinary shares.
The offering will be made only by means of a prospectus. A copy
of the preliminary prospectus, when available, may be obtained free
of charge by visiting EDGAR on the SEC's website at
www.sec.gov or from Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800)
831-9146, or Wells Fargo Securities, Attention: Equity Syndicate
Department, 500 West 33rd Street, New
York, NY, 10001, or by telephone at (800) 326-5897, or by
e-mail at cmclientsupport@wellsfargo.com.
There can be no assurance the public filing of a registration
statement on Form S-1 will result in any transaction or other
action by Nabors. Nabors does not intend to comment on or provide
updates regarding these matters unless and until it determines that
further disclosure is appropriate or required based on the
then-current facts and circumstances.
A registration statement, including a prospectus, which is
preliminary and subject to completion, relating to these securities
has been filed with the SEC but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted,
prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security, nor shall there be
any sales of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any jurisdiction.
Cautionary Statement Concerning Forward-Looking
Statements
This press release includes forward-looking statements,
including statements relating to the proposed initial public
offering of NETD, including the terms thereof. There is no
assurance that the proposed offering will be completed as
anticipated or at all, and there are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein, including risks
relating to unanticipated developments that prevent, delay or
negatively impact the proposed offering and other risks and
uncertainties disclosed by Nabors from time to time in its filings
with the SEC. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors expressly disclaims any
obligation to update these forward-looking statements.
Investor Contacts: William
C. Conroy, CFA, Vice President of Corporate Development
& Investor Relations, +1 281-775-2423 or via e-mail
william.conroy@nabors.com, or Kara
Peak, Director of Corporate Development & Investor
Relations, +1 281-775-4954 or via email kara.peak@nabors.com
View original
content:https://www.prnewswire.com/news-releases/nabors-announces-filing-of-spac-registration-statement-301858078.html
SOURCE Nabors Industries Ltd.