Renaissance Capital logo

Carnelian Energy Capital's SPAC Peridot Acquisition III files for a $300 million IPO

July 14, 2021
PRDT.U

Peridot Acquisition III, the third blank check company formed by Carnelian Energy Capital targeting "mitigation and adaptation", filed on Wednesday with the SEC to raise up to $300 million.

The Houston, TX-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. At the proposed deal size, Peridot Acquisition III would command a market value of $375 million.

The company is led by Chairman Tomas Ackerman, a co-founder and Partner of Carnelian Energy Capital. He is joined by CEO and Director Preston Powell, an Operating Partner at Carnelian, and CFO and Director Stephen Wedemeyer, the CFO of Carnelian. Carnelian's previous SPACs include March 2021 IPO Peridot Acquisition II (PDOT.U; +0% from $10 offer price) and September 2020 IPO Peridot Acquisition (PDAC; +9%), which has a pending merger agreement with battery recycler Li-Cycle.

Peridot Acquisition III plans to target opportunities and companies that focus on environmentally sound infrastructure, industrial applications, and disruptive technologies that eliminate or mitigate GHG emissions and/or enhance resilience to climate change, which it refers to as "Mitigation and Adaptation."

Peridot Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol PRDT.U. BofA Securities, and J.P. Morgan are the joint bookrunners on the deal.