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.
- 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.
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.