Decarbonization Plus Acquisition II, the fourth blank check company formed by Riverstone targeting businesses advancing global decarbonization, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Director Erik Anderson, the founder and CEO of investment firm WestRiver Group and leader of the group's prior SPAC, 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; +52% 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; -70%) in October 2016.
Decarbonization Plus Acquisition II plans to list on the Nasdaq under the symbol DCRNU. Credit Suisse and Citi acted as lead managers on the deal.
