Fortistar Sustainable Solutions, a blank check company formed by Fortistar targeting sustainability, raised $225 million by offering 22.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman Mark Comora, the Founder and President of Fortistar, and CEO and Director Nadeem Nisar, who is a Managing Director and Co-Head of the Investment Team at Fortistar. Fortistar Sustainable Solutions plans to target 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 plans to list on the Nasdaq under the symbol FSSIU. Credit Suisse and BofA Securities acted as lead managers on the deal.
