SPAC Watch: Environmental Impact Acquisition Corp.
January 21, 2021

Environmental Impact Acquisition Corp. (ENVIU) priced its IPO, raising $207mm, following the over-allotment and upsize. Units began trading last week (1/14) on the Nasdaq Capital Market. Units currently trade for $10.77 (1/21)

The SPAC is sponsored by CG Investments Inc. VI, an affiliate of Canaccord Genuity.

The S-1 states Environmental will target: the “sustainable sector”, with examples including energy efficiency & decarbonization, renewable energy & distributed generation, and electric vehicles (surprise surprise) & mobility. The enterprise value of any target will be between $750mm and $2b.

Structure:

  • 1 Unit: 1 Share, 1/2 W
  • Hudson Bay Capital purchased an additional $2mm (upsized) in private warrants
  • Canaccord Genuity acted as sole bookrunner

The Team: Rookie SPAC team from Canaccord

Daniel Coyne is CEO of Environmental Impact Acquisition Corp. He currently serves as Co-Head of U.S. Investment Banking and Global Head of Sustainability Investment Banking for Canaccord Genuity.

Marc Marano is CFO of Environmental Impact Acquisition Corp. He’s currently a Canaccord MD with previous experience at  Standard & Poor’s and Ernst & Young.

Andrew Viles is Secretary of Environmental Impact Acquisition Corp. He’s GC and CLO at Canaccord Genuity.

Jennifer Pardi is a director at Enviromental Impact Acquisition Corp. She’s currently Global Head of Equity Capital Markets of Canaccord Genuity.

Deval Patrick (D) is a director at Enviromental Impact Acquisition Corp. A former governor of Massachusetts, Patrick has founded and led numerous sustainability initiatives.

David Brewster (C-) is a director at Enviromental Impact Acquisition Corp. He co-founded EnerNOC, and led the company before it was sold to Enel Group.

Dean Seavers (A) is a director at Enviromental Impact Acquisition Corp. He founded Red Hawk Fire & Security, and has previous leadership experience at numerous publicly listed companies.

No SPAC experience for the Environmental team

Take Away

The Biden administration, investor demand, and advances in technology all bode well for companies with a sustainable focus. Look for Environmental Impact to seek value creation on both the corporate and ESG balance sheet.

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