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ESG SPAC ONS Acquisition files for a $200 million IPO

March 19, 2021
ONS.U

ONS Acquisition, a blank check company targeting industries that can benefit from strong ESG practices, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Beverly Hills, 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-half of a warrant, exercisable at $11.50. At the proposed deal size, ONS Acquisition would command a market value of $250 million.

The company is led by CEO and Chairman Alexander Crutchfield, who currently manages his family's investments and serves as an independent director of Endeavour International and its UK, Netherlands, and Luxembourg affiliates. Crutchfield previously farmed organic row crops using sustainable farming methods and was a rancher with an organic cow calf and steer operation. ONS Acquisition plans to target industries that can benefit from strong Environmental, Social and Governance (ESG) practices, focusing on industries such as food production, sustainable consumer-facing products, logistics, technology, agriculture and energy, utility services, energy efficiency and management, among others.

ONS Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ONS.U. Ladenburg Thalmann is the sole bookrunner on the deal.