Fortistar Sustainable Solutions, a blank check company formed by Fortistar targeting sustainability, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The White Plains, NY-based company plans to raise $200 million by offering 20 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, Fortistar Sustainable Solutions will command a market value of $250 million.
The company is led by Chairman Mark Comora, the Founder and President of Fortistar, and CEO and Director Nadeem Nisar, who has been a Managing Director at Fortistar since 2008 and currently serves as Co-Head of its Investment Team. Fortistar Sustainable Solutions will seek opportunities to invest in companies whose business models contribute to the reduction of the carbon intensity in the energy, industrial, and transportation value chain, to directly or indirectly reduce greenhouse gas emissions or more generally contribute to a shift towards greater energy efficiency as a means of energy production and consumption.
Fortistar Sustainable Solutions was founded in 2020 and plans to list on the Nasdaq under the symbol FSSIU. The company filed confidentially on September 10, 2020. Credit Suisse and BofA Securities are the joint bookrunners on the deal.
