Decarbonization Plus Acquisition IV, a blank check company formed by Riverstone targeting businesses advancing global decarbonization, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Menlo Park, CA-based company now plans to raise $300 million by offering 30 million units at $10 per unit. The company had previously filed to offer 35 million units at the same price. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal deal size, Decarbonization Plus Acquisition IV will raise 14% less in proceeds than previously anticipated.
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 March IPO Decarbonization Plus Acquisition III (DCRC; +5% from offer price), which has a pending merger with solid-state battery maker Solid Power; February 2021 IPO Decarbonization Plus Acquisition II (DCRN; -1%), which has a pending merger with EV charging company Tritium; and October 2020 IPO Decarbonization Plus Acquisition (DCRB; +3%), which has a pending merger agreement with fuel-cell truck startup Hyzon Motors.
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
