Spring Valley Acquisition II, the second blank check company formed by Pearl Energy Investment Management targeting the sustainability industry, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Dallas, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Spring Valley Acquisition II would command a market value of $250 million.
The company is led by Chairman William Quinn, the founder and Managing Partner of energy investment firm Pearl Energy Investment Management, and CEO and Director Christopher Sorrells, Lead Director for Renewable Energy Group (Nasdaq: REGI) and a former Operating Partner of Natural Gas Partners' NGP Energy Technology Partners. Management's previous SPAC, Spring Valley Acquisition (SVSVU; +23% from $10 offer price), went public in this past November. Spring Valley Acquisition II plans to leverage its management team's experience and target the sustainability industry, including energy and power, resource management, and environmental services, among others.
Spring Valley Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol SVIIU. Citi and RBC Capital Markets are the joint bookrunners on the deal.
