Silver Sustainable Solutions, a blank check company backed by Guggenheim Partners targeting clean economy technologies, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with Avenue Capital Group. At the proposed deal size, Silver Sustainable Solutions would command a market value of $313 million.
Silver Sustainable solutions is led by CEO and Chairman Jonathan Silver, the former head of the Loan Program Office at the US Department of Energy and current Senior Advisor at Guggenheim Securities, and CFO and Director Michael Allman, the former CFO of Sempra Energy's global business operations. The company seeks to leverage management's experience and target businesses that develop, use, or sell clean economy technologies and possess a highly scalable business model with a fundamental technological advantage.
The Washington, DC-based company was founded in 2018 and plans to list on the Nasdaq under the symbol SSSCU. Silver Sustainable Solutions filed confidentially on September 1, 2021. Guggenheim Securities is the sole bookrunner on the deal.
