Sustainable Development Acquisition I, a blank check public benefit corporation formed by Renewable Resources Group (RRG) and Capricorn Investment Group, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. An affiliate of Capricorn intends to purchase $13 million worth of units in the offering. At the proposed deal size, Sustainable Development Acquisition I would command a market value of $313 million.
The company is led by Chairman Robert Schultz, a Partner at Capricorn and co-founder and former COO of Greentech Capital Advisors, and CEO and Director Nicole Neeman Brady, who serves as Principal of RRG. Sustainable Development Acquisition I is one of the few (if not the first) blank check companies to obtain Pending B Corp status. It plans to target businesses that have the potential to address the global challenges identified by the United Nations’ Sustainable Development Goals and those that either are or can become a Certified B Corporation. It plans to focus on the water, food & agriculture, renewable energy, and environmental resource management sectors.
Sustainable Development Acquisition I was founded in 2020 and plans to list on the Nasdaq under the symbol SDACU. The company filed confidentially on December 30, 2020. Barclays and BofA Securities are the joint bookrunners on the deal.
