Energy Transition Special Opportunities (ETSS.W) Warrant
Each ETSS.W warrant gives the holder the right to buy 1 share of Energy Transition Special Opportunities at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.96, below the strike, so the warrant is out of the money. Energy Transition Special Opportunities has a market value of about $199.20M. Energy Transition Special Opportunities is a SPAC (no deal announced yet). It must complete a deal by November 18, 2027 or the warrants expire worthless. There are 7.50M listed warrants; exercising all of them would add 37.5% to the 20.00M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.70
From the issuer's S-1/A (2026-05-14).
Company and stock
- Company
- Energy Transition Special Opportunities
- Underlying stock
- ETSS
- Share price
- $9.96
- Market cap
- $199.20M
- Shares outstanding
- 20.00M
- Range since Jun 2026
- $9.85 – $9.96
- Change since Jun 2026
- +1%
- Value of all listed warrants
- $1.50M (0.8% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Greenwich, CT
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.2001
- Price / model
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Dilution
- Shares outstanding
- 20.00M
- Listed warrants
- 7.50M
- Dilution if all exercised
- 37.5%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2027-11-18
- Latest possible deadline
- 2028-05-18
- Trust per share
- $10.09
- Sponsor
- Climate Transition Special Opportunities SPAC I LP
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about ETSS.W
When does the ETSS.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of ETSS.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many ETSS.W warrants are outstanding?
7.50M listed warrants, equal to 37.5% dilution if all are exercised.
Related warrants
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