Northern Genesis Acquisition, a blank check company targeting an environmentally sustainable business, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The Kansas City, MO-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, Northern Genesis Acquisition would command a market value of $375 million.
The company is led by President Michael Hoffman, the founder of Stone Capital Partners, a private financing firm focused on energy infrastructure; Chairman Christopher Jarratt, the Executive Vice Chairman of Algonquin Power & Utilities (NYSE: AQN; TSX: AQN) and co-founder of predecessor APCI; and Vice Chairman Ian Robertson, the former CEO of Algonquin Power & Utilities and co-founder of predecessor APCI. The company plans to target businesses with strong environmental, social, and governance profiles across industries including energy, transportation and electric mobility, data and communication, agriculture, community services, and training.
Northern Genesis Acquisition was founded in 2020 and plans to list on the NYSE under the symbol NGA.U. Northern Genesis Acquisition filed confidentially on June 23, 2020. Raymond James and EarlyBirdCapital are the joint bookrunners on the deal.
