ENVIU 1C + 1/2W
Trust $10.00 - $150,000,000, or $172,500,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per unit),
18 months extendable to 24.
NEW YORK, NY, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Environmental Impact Acquisition Corp. (the “Company”), a special purpose acquisition company sponsored by CG Investments Inc. VI, an affiliate of Canaccord Genuity, today announced the pricing of its upsized initial public offering of 18,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “ENVIU” beginning on January 14, 2021.
Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and the warrants are expected to be listed on Nasdaq under the symbols “ENVI” and “ENVIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The offering is expected to close on January 19, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. HB Strategies LLC, the Company’s anchor investor and an affiliate of Hudson Bay Capital Management LP, has agreed to purchase an aggregate of 1,750,000 warrants at a price of $1.00 per warrant for an aggregate purchase price of $1,750,000 in a private placement that will close simultaneously with the closing of this offering. In addition, the Company will issue an aggregate of 750,000 insider warrants to its sponsor and independent director nominees at the closing of this offering.
Canaccord Genuity is acting as the sole book-running manager. Roth Capital Partners is acting as qualified independent underwriter. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,700,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Canaccord Genuity LLC, 99 High Street, 12th Floor, Boston, Massachusetts 02110, Attention: Syndicate Department, or by email at prospectus@cgf.com.