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Sustainable Development Acquisition I Corp. ("SDAC" or the "Company"), a public benefit corporation and pending B Corp, announced today the closing of its upsized initial public offering of 31,625,000 units at a price of $10.00 per unit, including the full exercise of the underwriters’ option to purchase additional shares.
The Company’s units are traded on the Nasdaq Capital Market under the ticker symbol "SDACU". Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the Nasdaq Capital Market under the symbols "SDAC" and "SDACW," respectively.
The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SDAC was formed as a partnership between RRG Global Partners Fund, a private fund affiliated with Renewable Resources Group ("RRG"), a pending B Corp, and Sustainable Investors Fund, a private fund affiliated with Capricorn Investment Group ("Capricorn"), a certified B Corp. SDAC intends to leverage the global footprint of the RRG/Capricorn impact investing platform, including its extensive screening networks, infrastructures and decades of experience in sustainable investing, to invest in companies and supporting technology aligned with its target sectors, including water, food & agriculture and renewable energy, that are addressing the global challenges identified by the United Nations Sustainable Development Goals.
The Company is led by Nicole Neeman Brady, Chief Executive Officer and Director, Eric Techel, Chief Financial Officer, and Robert Schultz, Chairman of the Board of Directors. The team also includes independent directors Kathleen Brown, Andrew Kassoy, and Annette Rodriguez; as well as operating partners Anthony Abbenante, William Orum and Jason Scott. Barclays and BofA Securities are acting as joint book-running managers for the offering.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $316,250,000 was placed in the Company’s trust account. An audited balance sheet of the Company as of February 9, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the "SEC").
"We believe our target company group is differentiated from other sustainability and impact focused SPACs and leverages RRG's and Capricorn’s decades of collective investment and operational experience in sectors with increasing and powerful growth tailwinds," said Nicole Neeman Brady, CEO and Director of SDAC. "As a public benefit corporation and pending B Corp, SDAC’s mission and approach are strategically aligned to seek to achieve the highest impact and financial returns for our investors. We look forward to identifying and partnering with growth-oriented companies that are advancing the United Nations Sustainable Development Goals – and tapping into the significant appetite in the public markets for high-quality ESG investment opportunities."
The offering was made only by means of a prospectus, copies of which may be obtained by contacting Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: email@example.com; and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: firstname.lastname@example.org.
Registration statements relating to these securities were declared effective by the SEC on February 4, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Sustainable Development Acquisition I Corp.
Sustainable Development Acquisition Corp ("SDAC"), (NASDAQ: SDAC), a public benefit corporation and pending B Corporation, is a special-purpose acquisition company created to acquire a successful business that is addressing the global challenges identified by the United Nations Sustainable Development Goals. SDAC was formed as a partnership between RRG Global Partners Fund, a private fund affiliated with Renewable Resources Group, a pending B Corp, and Sustainable Investors Fund, a private fund affiliated with Capricorn Investment Group, a certified B Corp.
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