Davis Polk advised the representatives of the several underwriters in connection with the initial public offering of 33,000,000 units of Qell Acquisition Corp., for aggregate proceeds of approximately $380 million. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant to purchase one Class A ordinary share of Qell Acquisition Corp. The units were listed on the Nasdaq under the symbol “QELLU.”

Qell Acquisition Corp. is a newly organized, special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Qell Acquisition Corp. intends to focus its search for suitable initial business combination target in the next-generation mobility, transportation and sustainable industrial technology sectors, but it may pursue an initial business combination target in any stage of its corporate evolution or in any industry, sector or geographic location.

The Davis Polk capital markets team included partners Derek Dostal and Deanna L. Kirkpatrick and associates Jennifer Ying Lan and Chelsea Renter. The tax team included partner Michael Farber and associate Daniel L. Jose. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.

 

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