Rice Acquisition, a blank check company formed by Rice Investment Group targeting energy transition and the sustainability arena, raised $215 million by offering 21.5 million units at $10. The company offered 1.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Atlas Point Fund and affiliates of Rice Investment Group had indicated on up to 17.4% 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.
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 plans to list on the NYSE under the symbol RICEU. Barclays acted as sole bookrunner on the deal.
