Rice Acquisition, a blank check company formed by Rice Investment Group targeting energy transition and the sustainability arena, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Carnegie, PA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Atlas Point Fund, a subsidiary of CIBC, plans to purchase $25 million worth of units in the offering. The company may raise an additional $75 million at the closing of an acquisition pursuant to a forward purchase agreement with Atlas Point Fund. At the proposed deal size, Rice Acquisition would command a market value of $200 million.
The company is led by CEO and Director Daniel Rice IV, who is a Partner at Rice Investment Group and recently served as CEO of Rice Energy until its acquisition by EQT in 2017. He is joined by CFO and Director Kyle Derham, who is also a Partner at Rice Investment Group and previously served as VP of Corporate Development and Finance at Rice Energy and Rice Midstream until 2017. The SPAC plans to concentrate its search on supply-side solutions and innovations that enable the economy to decarbonize in certain energy sectors.
Rice Acquisition was founded in 2020 and plans to list on the NYSE under the symbol RICEU. The company filed confidentially on September 16, 2020. Barclays is the sole bookrunner on the deal.
