Climate Real Impact Solutions III Acquisition, the third blank check company formed by PIMCO and industry veterans targeting businesses that fight climate change, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Princeton, NJ-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-fifth of a warrant, exercisable at $11.50. The PIMCO private funds intend to purchase $30 million worth of units in the offering. At the proposed deal size, Climate Real Impact Solutions III Acquisition would command a market value of $375 million.
The company is led by CEO and Director David Crane, the former CEO of NRG Energy; CFO John Cavalier, who previously served as Chairman of the Global Energy Group and Head of the Global Renewables Group at Credit Suisse; and Chairperson Elect Jane Sadowsky, a senior advisor at Moelis & Company and a former senior managing director at Evercore Partners.
Management's previous SPACs include Climate Real Impact Solutions II (CLIM.U; +9% from $10 offer price), which went public this past January, and Climate Change Crisis Real Impact I Acquisition (CLII; +31%), which went public in September 2020 and has a pending merger agreement with EV charging technology maker EVgo Services.
Climate Real Impact Solutions III Acquisition was founded in 2021 and plans to list on the NYSE under the symbol CLIC.U. Barclays, BofA Securities and Credit Suisse are the joint bookrunners on the deal.
