Climate Change Crisis Real Impact I Acquisition, a blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors, raised $200 million by offering 20 million units at $10.
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Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. PIMCO, part of the company's sponsor group, intends to purchase $20 million worth of units in the offering.
The company is led by Chairperson Mary Powell, the former CEO of Green Mountain Power, and CEO and Director David Crane, the former CEO of NRG Energy. The company's business strategy is to identify, acquire and maximize the value of a company operating in a climate sector such as renewable energy, energy efficiency, and Green Energy Service Companies, among others.
Climate Change Crisis Real Impact I Acquisition plans to list on the NYSE under the symbol CLII.U. Citi, BofA Securities, and Barclays acted as lead managers on the deal.
