TPB Acquisition I, a blank check company formed by venture foundry The Production Board targeting sustainable businesses in food and bio, lowered the proposed deal size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, TPB Acquisition I will raise -20% less in proceeds than previously anticipated.
The SPAC is led by CEO and Chairman David Friedberg, CEO of The Production Board and founder and Chairman of Metromile (MILE); Friedberg serves as a director of food, agriculture, and restaurant companies Soylent, Clara Foods, Pattern Ag, Northern Quinoa Production Corp., and Brightloom.
While it may pursue any company or industry, the SPAC plans to focus on sustainability-focused companies across the food, agriculture, biomanufacturing, and life sciences sectors, including what it calls radically transformative businesses that apply differentiated technology to "reimagine outdated systems of production while offering compelling value to customers and shareholders."
TPB Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol TPBAU. Barclays and CODE Advisors are the joint bookrunners on the deal.
