Natural Order Acquisition, a blank check company focusing on technologies and products related to sustainable plant-based food and beverages, lowered the proposed deal size for its upcoming IPO on Thursday.
The Weston, MA-based company now plans to raise $200 million by offering 20 million units at a price of $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 a whole warrant to purchase one-half of a common share, exercisable at $11.50. At the revised deal size, Natural Order Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by Chairman Sebastiano Castiglioni, a Partner at Blue Horizon Group, founder and Director of private investment fund Dismatrix, and an active investor in the global plant-based food and beverage sector. He is joined by CEO and Director Paresh Patel, who has managed his own private investment office, Sandstone Investments, since 2014, and CFO Marc Volpe, who previously served as CFO of fintech asset manager Quantopian. Natural Order Acquisition plans to target businesses that are disrupting the animal-based protein and food industry, providing alternatives to one or more segments of the global food industry, including fresh and packaged animal-based meats, dairy, and seafood.
Natural Order Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol NOACU. Chardan Capital Markets and Barclays are the joint bookrunners on the deal.
