Sustainable Development Acquisition I Corp (SDAC) Completes Upsized $316 Million Initial Public Offering
09 Février 2021 - 10:01PM
Business Wire
Sustainable Development Acquisition I Corp. (“SDAC” or the
“Company”), a public benefit corporation and pending B Corp,
announced today the closing of its upsized initial public offering
of 31,625,000 units at a price of $10.00 per unit, including the
full exercise of the underwriters’ option to purchase additional
shares.
The Company’s units are traded on the Nasdaq Capital Market
under the ticker symbol “SDACU”. Each unit consists of one share of
the Company’s Class A common stock and one-half of one redeemable
warrant. Each whole warrant entitles the holder thereof to purchase
one share of Class A common stock at a price of $11.50 per share.
Only whole warrants will be exercisable. Once the securities
comprising the units begin separate trading, the Company expects
that its Class A common stock and warrants will be listed on the
Nasdaq Capital Market under the symbols “SDAC” and “SDACW,”
respectively.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. SDAC was formed as a partnership between RRG Global
Partners Fund, a private fund affiliated with Renewable Resources
Group (“RRG”), a pending B Corp, and Sustainable Investors Fund, a
private fund affiliated with Capricorn Investment Group
(“Capricorn”), a certified B Corp. SDAC intends to leverage the
global footprint of the RRG/Capricorn impact investing platform,
including its extensive screening networks, infrastructures and
decades of experience in sustainable investing, to invest in
companies and supporting technology aligned with its target
sectors, including water, food & agriculture and renewable
energy, that are addressing the global challenges identified by the
United Nations Sustainable Development Goals.
The Company is led by Nicole Neeman Brady, Chief Executive
Officer and Director, Eric Techel, Chief Financial Officer, and
Robert Schultz, Chairman of the Board of Directors. The team also
includes independent directors Kathleen Brown, Andrew Kassoy, and
Annette Rodriguez; as well as operating partners Anthony Abbenante,
William Orum and Jason Scott. Barclays and BofA Securities are
acting as joint book-running managers for the offering.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$316,250,000 was placed in the Company’s trust account. An audited
balance sheet of the Company as of February 9, 2021 reflecting
receipt of the proceeds upon consummation of the initial public
offering and the private placement will be included as an exhibit
to a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission (the “SEC”).
“We believe our target company group is differentiated from
other sustainability and impact focused SPACs and leverages RRG's
and Capricorn’s decades of collective investment and operational
experience in sectors with increasing and powerful growth
tailwinds,” said Nicole Neeman Brady, CEO and Director of SDAC. “As
a public benefit corporation and pending B Corp, SDAC’s mission and
approach are strategically aligned to seek to achieve the highest
impact and financial returns for our investors. We look forward to
identifying and partnering with growth-oriented companies that are
advancing the United Nations Sustainable Development Goals – and
tapping into the significant appetite in the public markets for
high-quality ESG investment opportunities.”
The offering was made only by means of a prospectus, copies of
which may be obtained by contacting Barclays, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
Telephone: (888) 603-5847, Email:
barclaysprospectus@broadridge.com; and BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attn: Prospectus Department, Email:
dg.prospectus_requests@bofa.com.
Registration statements relating to these securities were
declared effective by the SEC on February 4, 2021. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed initial public offering and the anticipated use of the net
proceeds. No assurance can be given that the net proceeds of the
offering will be used as indicated. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s registration statement and
prospectus for the Company’s offering filed with the SEC. Copies of
these documents are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
About Sustainable Development Acquisition I Corp.
Sustainable Development Acquisition Corp (“SDAC”), (NASDAQ:
SDAC), a public benefit corporation and pending B Corporation, is a
special-purpose acquisition company created to acquire a successful
business that is addressing the global challenges identified by the
United Nations Sustainable Development Goals. SDAC was formed as a
partnership between RRG Global Partners Fund, a private fund
affiliated with Renewable Resources Group, a pending B Corp, and
Sustainable Investors Fund, a private fund affiliated with
Capricorn Investment Group, a certified B Corp.
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Media Contact Nyssa Kourakos Finsbury Glover Hering
917-364-5531 nyssa.kourakos@fgh.com
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