Spring Valley Acquisition, a blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, lowered the proposed deal size for its upcoming IPO on Friday.
The Dallas, TX-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Spring Valley Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by Chairman William Quinn, founder and Managing Partner of energy investment firm Pearl Energy Investment Management, and CEO and Director Christopher Sorrells, Lead Director for Renewable Energy Group (Nasdaq: REGI) and a former Operating Partner of Natural Gas Partners' NGP Energy Technology Partners. The company plans to leverage its management team's experience and target the sustainability industry, including energy and power, resource management, and environmental services, among others.
Spring Valley Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SVSVU. Cowen and Wells Fargo Securities are the joint bookrunners on the deal
