Environmental Impact Acquisition, a blank check company formed by Canaccord targeting the sustainability sector, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Environmental Impact Acquisition will command a market value of $188 million.
The company is led by CEO and Director Daniel Coyne, the Co-Head of US Investment Banking and Global Head of Sustainability Investment Banking at Canaccord, and CFO Marc Marano, who currently serves as a Managing Director in the Investment Banking Group at Canaccord. Environmental Impact Acquisition intends to focus primarily on identifying businesses that offer products, services, and technologies that, in addition to serving the needs of customers, generate positive impacts for the environment.
Environmental Impact Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ENVIU. The company filed confidentially on September 18, 2020. Canaccord Genuity is the sole bookrunner on the deal.
