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Riverstone's SPAC Decarbonization Plus Acquisition III prices $350 million IPO

March 24, 2021
DCRCU

Decarbonization Plus Acquisition III, a 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 CFO and CAO 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 most recent SPACs include February 2021 IPO Decarbonization Plus Acquisition II (DCRNU; +0% from $10 offer price) and October 2020 IPO Decarbonization Plus Acquisition (DCRB; +8%), which has a pending merger agreement with full-cell truck startup Hyzon Motors.

Decarbonization Plus Acquisition III plans to list on the Nasdaq under the symbol DCRCU. Credit Suisse and Citi acted as lead managers on the deal.