DALLAS--(BUSINESS WIRE)--Spring Valley Acquisition Corp. (the “Company”), a blank check company sponsored by Pearl Energy Investment II, L.P. (“Pearl”) and formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit.
While the Company may pursue an initial business combination target in any business or industry, the Company intends to target companies in the sustainability industry, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services. The Company’s sponsor is an affiliate of Pearl, an investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry, typically targeting opportunities requiring $25 million to $100 million of equity capital.
The units will be listed on The Nasdaq Capital Market (“Nasdaq“) and trade under the ticker symbol “SVSVU” beginning November 24, 2020. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “SV” and “SVSVW,” respectively. The offering is expected to close on November 27, 2020, subject to customary closing conditions.
Cowen and Wells Fargo Securities acted as joint book running managers and Drexel Hamilton, LLC and Siebert Williams Shank & Co., LLC acted as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, telephone: (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com, or Wells Fargo Securities, Attn: Equity Syndicate Department, 500 West 33rd Street, New York, New York 10001, telephone: (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
A registration statement relating to the securities became effective on November 23, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the closing of the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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November 24, 2020 at 06:55AM
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Spring Valley Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering - Business Wire
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