Rodgers Silicon Valley Acquisition Corp, a new Delaware blank check company that is leaning towards investing in green energy, on Wednesday raised USD 200 million (EUR 164.8m) in an initial public offering (IPO) on Nasdaq.
The company is offering 20 million units at a price of USD 10 apiece, with each unit consisting of one share of common stock and one-half of one redeemable warrant. The holders of each whole warrant will be able to buy one share of common stock at USD 11.50 per share.
As of December 2, the units trade on The Nasdaq Capital Market under the ticker symbol “RSVAU”. When separated, the common stock and the warrants will be traded under the respective symbols “RSVA” and “RSVAW”.
The underwriters were granted a 45-day option to buy up to 3 million additional units at the IPO price to cover any over-allotments.
The IPO, for which Oppenheimer & Co Inc acts as the sole book-running manager, will close on December 4.
Rodgers Silicon Valley Acquisition says it was created with the purpose of executing a business combination, such as a merger or an asset acquisition, with one or more businesses or entities. While no specific business has been targeted right now, the company intends to pursue a transaction in a number of different fields including green energy, electrification and storage. More specifically, it will consider “all types of solar components and systems, fuel cells, green hydrogen, energy storage systems, including advanced batteries, and the software infrastructure that enables the interoperability of these new technologies.” Other fields to be considered include smart industry, artificial intelligence (AI) and “the new manufacturing wave”.
“The mission of the Rodgers Silicon Valley Acquisition Corporation is to provide fundamental public technology investors with early access to an excellent technology company from Silicon Valley,” the company says in a SEC filing.