Decarbonization Plus Acquisition II, the fourth blank check company formed by Riverstone targeting businesses advancing global decarbonization, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Menlo Park, CA-based company plans to raise $200 million by offering 20 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 Acquisition II would command a market value of $250 million.
The company is led by CEO and Director Robert Tichio, a Partner and Managing Director of Riverstone Holdings, and CFO Peter Haskopoulos, a Managing Director and CFO of Riverstone. 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 previous SPACs include Decarbonization Plus Acquisition (DCRBU; +16% from $10 offer price), which went public in October 2020; Silver Run Acquisition II, which went public in March 2017 and completed its merger with Alta Mesa and Kingfisher Midstream in February 2018 to form Alta Mesa Resources (AMR), which filed for bankruptcy in September 2019 and was sold in April 2020 for $220 million; and Silver Run Acquisition, went public in February 2016 and acquired Centennial Resource Development (Nasdaq: CDEV; -80%) in October 2016.
Decarbonization Plus Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol DCRNU. Credit Suisse and Citi are the joint bookrunners on the deal.
