Sustainable food SPAC Natural Order Acquisition prices $200 million IPO at $10

Natural Order Acquisition, a blank check company focusing on technologies and products related to sustainable plant-based food and beverages, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and a whole warrant to purchase one-half of a common share, exercisable at $11.50. The company originally planned to offer 25 million units before decreasing the deal size last week.

The company is led by Chairman Sebastiano Castiglioni, a Partner at Blue Horizon Group, founder and Director of private investment fund Dismatrix, and an active investor in the global plant-based food and beverage sector. He is joined by CEO and Director Paresh Patel, who has managed his own private investment office, Sandstone Investments, since 2014, and CFO Marc Volpe, who previously served as CFO of fintech asset manager Quantopian. Natural Order Acquisition plans to target businesses that are disrupting the animal-based protein and food industry, providing alternatives to one or more segments of the global food industry, including fresh and packaged animal-based meats, dairy, and seafood.

Natural Order Acquisition plans to list on the Nasdaq under the symbol NOACU. Chardan Capital Markets and Barclays acted as lead managers on the deal.