Spring Valley Acquisition, a blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, raised $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.
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 plans to list on the Nasdaq under the symbol SVSVU. Cowen and Wells Fargo Securities acted as lead managers on the deal.
