Led by former Stericycle CEO, SPAC Sierra Lake Acquisition files for a $300 million IPO
Sierra Lake Acquisition, a blank check company led by the former CEO of Stericycle and others with industrial, consumer, and finance experience, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The Chicago, IL-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Sierra Lake Acquisition will command a market value of $375 million.
The company is led by CEO Charles Alutto, who currently serves as CEO of Alutto Consulting and previously was CEO of Stericycle (Nasdaq: SRCL). He is joined by CFO Robert Ryder, who is the CEO of consulting firm Horsepower Advisors and recently served as interim CFO of Resideo Technologies (NYSE: REZI) and before that CFO of Constellation Brands (NYSE: STZ).
Sierra Lake Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SIERU. Cantor Fitzgerald is the sole bookrunner on the deal.
The article Led by former Stericycle CEO, SPAC Sierra Lake Acquisition files for a $300 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.