ONS Acquisition, a blank check company targeting industries that can benefit from strong ESG practices, lowered the proposed deal size for its upcoming IPO on Monday.
The Beverly Hills, CA-based company now plans to raise $150 million by offering 15 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, ONS Acquisition will raise 25% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Alexander Crutchfield, who currently manages his family's investments and serves as Senior Managing Director of Western International Holdings-Oasis Partners. Crutchfield previously farmed organic row crops using sustainable farming methods and was a rancher with an organic cow calf and steer operation.
ONS Acquisition plans to target industries that can benefit from strong Environmental, Social and Governance (ESG) practices, focusing on industries such as food production, sustainable consumer-facing products, logistics, technology, agriculture and energy, utility services, and energy efficiency and management, among others.
ONS Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ONS.U. Ladenburg Thalmann is the sole bookrunner on the deal.
