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Led by former Stericycle CEO, SPAC Sierra Lake Acquisition files for a $300 million IPO

February 25, 2021

Sierra Lake Acquisition, a blank check company led by the former CEO of Stericycle and others with industrial, consumer, and finance experience, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.

The Chicago, IL-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Sierra Lake Acquisition will command a market value of $375 million.

The company is led by CEO Charles Alutto, who currently serves as CEO of Alutto Consulting and previously was CEO of Stericycle (Nasdaq: SRCL). He is joined by CFO Robert Ryder, who is the CEO of consulting firm Horsepower Advisors and recently served as interim CFO of Resideo Technologies (NYSE: REZI) and before that CFO of Constellation Brands (NYSE: STZ).

Sierra Lake Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SIERU. Cantor Fitzgerald is the sole bookrunner on the deal.