Better World Acquisition, a blank check company formed by N*GEN Partners targeting a healthy living business with a strong ESG profile, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also added I-Bankers Securities as an underwriter.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at $10. The company had previously filed to offer 12.5 million units at the same price. Each unit now consists of one share of common stock and one warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Better World Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Rosemary Ripley, a Managing Member of N*GEN Partners, a venture capital and growth equity investment firm investing in healthy and sustainable living. CFO and Director Peter Grubstein is the founder of N*GEN and serves as a Managing Member. The SPAC plans to target businesses in the healthy living industries that benefit from strong environmental, social, and governance profiles.
Better World Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BWACU. EarlyBirdCapital is the sole bookrunner on the deal.
