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GreenLight Biosciences Inc is combining with a special-purpose acquisition company to go public in a deal that values the RNA-technology firm at about $1.5 billion.
GreenLight is merging with Environmental Impact Acquisition Corp (NASDAQ: ENVI), which is backed by investment bank Canaccord Genuity Group Inc.
GreenLight's ribonucleic acid (RNA) platform has developed candidates for COVID-19, influenza, and earlier-stage programs in sickle cell disease. It is simultaneously working on RNA-based sustainable alternatives to pesticides and herbicides.
The first biopesticide is slated to launch in 2022, the company said at the time of its series D.
The transaction will provide estimated proceeds of $282 million, including $105 million in proceeds from the PIPE transaction priced at $10.00 per share.
Price Action: ENVI shares are up 1.13% at $9.81 during the market session on the last check Tuesday.
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