IPOs

Energy investment firm's sustainability SPAC Spring Valley Acquisition lowers deal size by 20% ahead of $200 million IPO

Spring Valley Acquisition, a blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, lowered the proposed deal size for its upcoming IPO on Friday.

The Dallas, TX-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Spring Valley Acquisition will raise -20% less in proceeds than previously anticipated.

The company is led by Chairman William Quinn, founder and Managing Partner of energy investment firm Pearl Energy Investment Management, and CEO and Director Christopher Sorrells, Lead Director for Renewable Energy Group (Nasdaq: REGI) and a former Operating Partner of Natural Gas Partners' NGP Energy Technology Partners. The company plans to leverage its management team's experience and target the sustainability industry, including energy and power, resource management, and environmental services, among others.

Spring Valley Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SVSVU. Cowen and Wells Fargo Securities are the joint bookrunners on the deal

The article Energy investment firm's sustainability SPAC Spring Valley Acquisition lowers deal size by 20% ahead of $200 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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