TPB Acquisition I, a blank check company formed by venture foundry The Production Board targeting sustainable businesses in food and bio, raised $175 million by offering 17.5 million units at $10. The company offered 2.5 million fewer units than anticipated. Each consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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sectors, including what it calls radically transformative businesses that apply differentiated technology to "reimagine outdated systems of production while offering compelling value to customers and shareholders."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 plans to list on the Nasdaq under the symbol TPBAU. Barclays and CODE Advisors acted as lead managers on the deal.
