Decarbonization Plus Acquisition IV, a blank check company formed by Riverstone targeting businesses advancing global decarbonization, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The Menlo Park, CA-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Decarbonization Plus Acquisition IV would command a market value of $438 million.
The company is led by CEO and Director Erik Anderson, the founder and CEO of investment firm WestRiver Group, and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. The company plans to target businesses that may advance the objectives of global decarbonization, including those operating in the energy and agriculture, industrials, transportation, and commercial and residential sectors.
Riverstone's previous SPACs include Decarbonization Plus Acquisition III (DCRC.U), which filed in February to raise $350 million; February 2021 IPO Decarbonization Plus Acquisition II (DCRNU; +3% from $10 offer price); October 2020 IPO Decarbonization Plus Acquisition (DCRB; +24%), which has a pending merger agreement with fuel-cell truck startup Hyzon Motors; March 2017 IPO Silver Run Acquisition II, which completed its merger with Alta Mesa and Kingfisher Midstream in February 2018 to form Alta Mesa Resources (AMR), which filed for bankruptcy in September 2019 and was sold in April 2020 for $220 million; and February 2016 IPO Silver Run Acquisition, which acquired Centennial Resource Development (CDEV; -42%) in October 2016.
Decarbonization Plus Acquisition IV was founded in 2021 and plans to list on the Nasdaq under the symbol DCRDU. Credit Suisse and Citi are the joint bookrunners on the deal.
