First Reserve Sustainable Growth Corp. Announces Launch of Initial Public Offering

Rhea-AI Summary

First Reserve Sustainable Growth Corp. has announced its plans for an initial public offering (IPO) of 20,000,000 units at $10.00 each. The underwriters will have an option to purchase an additional 3,000,000 units. Each unit comprises one share of Class A common stock and one-fourth of a warrant, allowing stock purchase at an exercise price of $11.50. The units will trade on Nasdaq under the symbol 'FRSG.U.' The company focuses on sustainable energy solutions and aims to merge with businesses enhancing environmental sustainability.

Positive

• Intended IPO of 20 million units at $10.00 each, potentially raising $200 million.
• Underwriters granted a 45-day option for an additional 3 million units.
• Focus on sustainable solutions and technologies may attract investor interest.

Negative

• Warrants could dilute shareholder value with a purchase price of $11.50.
• No assurance that the offering will complete as described due to market uncertainties.

STAMFORD, Conn. and HOUSTON, March 3, 2021 /PRNewswire/ -- First Reserve Sustainable Growth Corp. (the "Company") today announced it intends to commence its initial public offering of 20,000,000 units at $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to 3,000,000 additional units.

Each unit issued in the initial public offering will consist of one share of the Company's Class A common stock and one-fourth of one warrant, each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share, subject to adjustment. We expect the units will be listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "FRSG.U." Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "FRSG" and "FRSG W," respectively.

Barclays and Goldman Sachs & Co. LLC are acting as joint book running managers of the offering.

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: barclaysprospectus@broadridge.com, telephone: 1-888-603-5847, or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC"), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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.

About First Reserve Sustainable Growth Corp.

First Reserve Sustainable Growth Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to identify opportunities and companies that focus on solutions, processes, and technologies that facilitate, improve, or complement the ongoing transition toward a more sustainable and environmentally-conscious global energy, infrastructure and industrial complex.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 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.

Contacts

Investors

info@frsgcorp.com   

Media

Jon Keehner / Julie Hamilton
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449

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SOURCE First Reserve Sustainable Growth Corp.

FAQ

What is the IPO size for First Reserve Sustainable Growth Corp. (FRSG.U)?

The IPO is for 20,000,000 units at $10.00 each, aiming to raise about $200 million.

What does each unit in the First Reserve IPO consist of?

Each unit consists of one share of Class A common stock and one-fourth of one warrant.

What is the purpose of the proposed IPO by First Reserve Sustainable Growth Corp.?

The IPO aims to fund potential mergers or acquisitions of businesses focusing on sustainable energy solutions.

When will First Reserve Sustainable Growth Corp. be listed on Nasdaq?

The units will trade under the symbol 'FRSG.U' on Nasdaq, pending the effectiveness of the registration statement.

What risks are associated with the IPO of First Reserve Sustainable Growth Corp.?

There is no guarantee that the offering will complete as planned and warrants may dilute shareholder value.