Sustainable Development Acquisition I, a blank check public benefit corporation formed by RRG and Capricorn Investment Group, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. An affiliate of Capricorn had indicated on $13 million worth of units in the offering.
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 plans to list on the Nasdaq under the symbol SDACU. Barclays and BofA Securities acted as lead managers on the deal.
