SusGlobal Energy, a Canadian renewables company focused on developing waste-to-energy projects, announced terms for its IPO on Monday.
The Toronto, Canada-based company plans to raise $12 million by offering 2.4 million units at $5, above the as-converted last close of its shares on the OTC (SNRG; $2.60). Each unit consists of one share of common stock and one warrant, exercisable at 120% of IPO price. At the proposed price, SusGlobal Energy would command a market value of $145 million.
Because the company is offering units with warrants attached, SusGlobal Energy will be excluded from Renaissance Capital's 2022 IPO stats.
SusGlobal is a renewables company focused on acquiring, developing, and monetizing a portfolio of proprietary technologies with waste-to-energy and regenerative product applications. The company currently owns two processing and production properties, one of which is under renovation, and primarily serves municipalities in both rural and urban centers in Ontario, Canada. SusGlobal currently generates revenue through tipping fees, the sale of the regenerative products such as organic dry compost, and the sale of carbon credits generated by its facilities.
SusGlobal Energy was founded in 2014 and booked $1 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol SNRG. Spartan Capital Securities and Revere Securities are the joint bookrunners on the deal.
