Riverstone's third SPAC Decarbonization Plus Acquisition prices $200 million IPO at $10
Decarbonization Plus Acquisition, the third blank check company formed by Riverstone targeting businesses advancing global decarbonization, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Erik Anderson, founder and CEO of investment firm WestRiver Group, and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. Riverstone co-founders Pierre Lapeyre and David Leuschen will serve as Directors. The company plans to target businesses that may advance the objectives of global decarbonization, including those operating in the energy and agriculture, industrials, transportation, and commercial and residential sectors.
Riverstone's most recent SPAC, Silver Run Acquisition II, raised $900 million in March 2017 and completed its merger with Alta Mesa and Kingfisher Midstream in February 2018 to form Alta Mesa Resources (AMR). The new company filed for bankruptcy in September 2019 and was sold in April 2020 for $220 million. Riverstone's first SPAC, Silver Run Acquisition, went public in February 2016 and acquired Centennial Resource Development (Nasdaq: CDEV; -94% from $10 offer price) in October 2016.
Decarbonization Plus Acquisition plans to list on the Nasdaq under the symbol DCRBU. Citi and Credit Suisse acted as joint bookrunners on the deal.
The article Riverstone's third SPAC Decarbonization Plus Acquisition prices $200 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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