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Blank check company: Recharge Acquisition (RCHGU) (2020)

Recharge Acquisition (NASDAQ: RCHGU) was founded in 2020 and is headquartered in Sarasota, Florida. The company will seek to leverage decades of experience and relationships with the management team, including the company’s CEO and director nominee Anthony Kenney. Mr. Kenny previously worked for Marathon Petroleum Corporation (NYSE: MPC) (“MPC”) for 43 years and recently retired. He is the President of the Speedway Division that has been leading since 2005.

Under his leadership, Speedway became the second-largest company in the number of convenience and fuel storage chains owned and operated, with revenues of more than $20 billion and 35,000 employees.

Mr. Kenny’s acquisitions drove a significant increase in the scale and scope of the business, which eventually increased the number of stores from approximately 1,600 in 2005 to 3,923 stores nationwide in 2019. In addition, he is believed to have played a role in developing Speedway’s loyalty program.

Recharge Acquisition (NASDAQ: RCHGU) plans to go public on NASDAQ on 10/1/2020. The issue price is US$10, 20 million shares are issued, and US$200 million is raised, underwriting by Raymond James & Associates/EarlyBirdCapital.

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