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 Friday.
The Menlo Park, CA-based company now plans to raise $275 million by offering 27.5 million units at $10. The company had most recently filed to offer 30 million units at the same price. It originally planned to offer 35 million units before lowering the proposed offering in June. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Decarbonization Plus Acquisition IV will raise -8% 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.
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.
