Peridot Acquisition, a blank check company formed by Carnelian targeting business with Mitigation and Adaptation principles, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Houston, TX-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, Peridot Acquisition would command a market value of $375 million.
The company is led by CEO and Chairman Alan Levande, the former co-CEO of Park Energy and co-founder of Tenaska Capital Management. Director Tomas Ackerman is the co-founder of Carnelian Energy Capital and a former Managing Director at Natural Gas Partners. The company plans to target businesses that focus on environmentally sound infrastructure, industrial applications, and disruptive technologies that eliminate or mitigate GHG emissions and/or enhance resilience to climate change, which the company refers to as "Mitigation and Adaptation." Additionally, it is targeting businesses with enterprise values between $800 million and $2 billion.
Peridot Acquisition was founded in 2020 and plans to list on the NYSE under the symbol PDAC.U. The company filed confidentially on August 21, 2020. UBS Investment Bank and Barclays are the joint bookrunners on the deal.
