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Riverstone's third SPAC Decarbonization Plus Acquistion files for a $300 million IPO

September 22, 2020

Decarbonization Plus Acquistion, the third blank check company formed by Riverstone targeting businesses advancing global decarbonization, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Decarbonization Plus Acquistion would command a market value of $375 million.

The company is led by CEO and Director Erik Anderson, founder and CEO of investment firm WestRiver Group, and CFO and CAO Peter Haskopoulos, a Managing Director and CFO of Riverstone. Riverstone co-founders Pierre Lapeyre and David Leuschen will serve as Directors. The company plans to target businesses that may advance the objectives of global decarbonization, including those operating in the energy and agriculture, industrials, transportation, and commercial and residential sectors.

Riverstone's most recent SPAC, Silver Run Acquisition II, raised $900 million in March 2017 and completed its merger with Alta Mesa and Kingfisher Midstream in February 2018 to form Alta Mesa Resources (AMR). The new company filed for bankruptcy in September 2019 and was sold in April 2020 for $220 million. Riverstone's first SPAC, Silver Run Acquisition, went public in February 2016 and acquired Centennial Resource Development (CDEV; -94% from $10 offer price) in October 2016.

Decarbonization Plus Acquistion was founded in 2017 and plans to list on the Nasdaq under the symbol DCRBU. Citi and Credit Suisse are the joint bookrunners on the deal.