October 13 (Renewables Now) - Sustainability-focused blank check company Spring Valley Acquisition Corp II on Wednesday announced an initial public offering (IPO) on the Nasdaq Stock Market that will fetch some USD 200 million (EUR 206m) in gross proceeds.
The special purpose acquisition company (SPAC) priced its offering of 20 million units at USD 10.00 apiece. Each of them includes one Class A ordinary share, one right to receive one-tenth of one Class A ordinary share and one-half of one redeemable public warrant.
Trading of the units under the ticker symbol “SVIIU” is beginning today, October 13, and the offering is scheduled to close on October 17, 2022. The underwriters have a 45-day option to buy up to an additional 3 million units at the same price.
Citigroup Global Markets Inc and Guggenheim Securities LLC served as joint book-running managers.
Counting an affiliate of Pearl Energy Investment Management LLC as its primary sponsor, Spring Valley was created with the sole purpose of implementing a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses. It says it is particularly interested in businesses operating in the sustainability industry, including renewable energy, resource optimisation, environmental services and grid infrastructure.
According to the company, these fields complement the backgrounds of its management team, including CEO Chris Sorrells, who previously served as a lead independent director at biodiesel producer Renewable Energy Group Inc (REG), acquired by energy giant Chevron this past summer.