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Environmental Impact Acquisition Corporation (NASDAQ: ENVI) announced shareholder approval for its business combination with Greenlight Biosciences, with 80.7% participation and 78.6% in favor. The closing is anticipated today, with a name change to GreenLight Biosciences Holdings and trading starting under the new symbols 'GRNA' and 'GRNA.WS' on February 3, 2022. GreenLight aims to leverage its RNA platform in human health and agriculture. The company has backing from several prominent investors and advisors, positioning it for potential growth in the biotech space.
GreenLight Biosciences has partnered with Germains Seed Technology to explore the commercial use of RNA as a seed treatment for crop disease control. This partnership aims to leverage Germains' seed priming technologies and GreenLight's expertise in double-stranded RNA, enabling innovative solutions for farmers. The seed treatment market is valued at $6.5 billion, with a growth rate of 10-12% annually. GreenLight plans to submit products for regulatory approval in 2022 and has seven agricultural products in development, targeting a $6 billion market by 2026.
On January 28, 2022, Environmental Impact Acquisition Corporation (ENVI) announced that it achieved a quorum for its shareholders' special meeting scheduled for February 1, 2022. This meeting focuses on the proposed business combination with GreenLight Biosciences, a biotech firm specializing in RNA products for healthcare and agriculture. Shareholders have overwhelmingly supported the proposals, and final approval is anticipated. The combination is expected to finalize on February 2, 2022, with trading under the new ticker GRNA starting on February 3, 2022.
Environmental Impact Acquisition Corporation (NASDAQ: ENVI) filed its definitive proxy statement regarding the business combination with GreenLight Biosciences, a biotechnology firm focused on RNA research and manufacturing. The proxy statement was submitted to the SEC on January 13, 2022. ENVI is mailing the proxy and voting instructions to shareholders of record as of December 29, 2021. A Special Meeting for stockholders to vote on the proposal is set for February 1, 2022. The Board of Directors supports the merger, highlighting its alignment with shareholder interests.
GreenLight Biosciences has partnered with IAVI to advance a Phase I clinical trial for its mRNA COVID-19 vaccine in Africa. IAVI, known for its extensive experience in vaccine trials, will manage the study, scheduled to start in late Q1 2022. This collaboration aims to enhance vaccine access for low-income countries, where only 6% of the population is vaccinated. GreenLight will also prepare for large-scale vaccine manufacturing. The partnership aligns with the broader goal of increasing vaccine equity and developing solutions to combat emerging infectious diseases in Africa.
On November 23, 2021, GreenLight Biosciences announced a significant expansion of its PIPE financing, obtaining a total of $124 million. This includes a strategic $10 million investment from Serum Life Sciences, a subsidiary of the Serum Institute of India. The investment aims to accelerate RNA vaccine development and distribution. Environmental Impact Acquisition Corp. (Nasdaq: ENVI) is in the process of merging with GreenLight, which had previously secured $105 million in PIPE funding in August 2021. The merger is expected to enhance GreenLight's capacity to deliver affordable healthcare solutions globally.
GreenLight Biosciences has appointed Professor Diane E. Griffin and Emmanuel Hanon to its Human Health Scientific Advisory Board. Professor Griffin, a distinguished figure in medicine and immunology, brings extensive expertise in RNA virus infections, while Dr. Hanon, with a rich background in vaccine R&D at GlaxoSmithKline, will bolster the company's development efforts. This strategic move aims to enhance GreenLight's capabilities in mRNA vaccines and therapeutics, pivotal for addressing global health challenges. The company is also preparing for a public listing through Environmental Impact Acquisition Corp. (NASDAQ: ENVI).
GreenLight Biosciences has opened a new RNA production facility in Rochester, New York, covering 17,000 square feet. This facility is designed to manufacture enzymes and RNA for agricultural applications, including the protection of honeybees. The plant's initial capacity is set at 500 kg per year, with potential expansion to 1,000 kg and up to 100 metric tons annually. GreenLight aims to leverage its expertise to produce RNA at low costs, addressing challenges in agricultural usage. The company has raised approximately $235 million and is entering new markets following its merger with Environmental Impact Acquisition Corp. (ENVI).
Environmental Impact Acquisition Corp. announced that starting March 8, 2021, holders of 20,700,000 units from its initial public offering can separate and trade Class A common stock and warrants on Nasdaq under the symbols 'ENVI' and 'ENVIW'. Those who do not separate their units will trade under 'ENVIU'. The Company, a blank check entity, aims to pursue businesses that offer environmentally beneficial products and services. Canaccord Genuity managed the initial offering, with a registration statement effective since January 13, 2021.
Environmental Impact Acquisition Corp. has successfully closed its upsized initial public offering, issuing 20,700,000 units at $10.00 each. The offering, which began trading on Nasdaq under the ticker symbol ENVIU, includes 2,700,000 units from an over-allotment option. Each unit consists of one share of Class A common stock and a half warrant, allowing purchase of additional shares at $11.50. The net proceeds will be used for merger or acquisition activities. Anchor investor HB Strategies LLC acquired 2,000,000 warrants totaling $2 million.
