First Reserve Sustainable Growth Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

First Reserve Sustainable Growth Corp. announced the pricing of its initial public offering (IPO) of 20 million units at $10.00 each, set to trade on Nasdaq under the symbol FRSG U from March 5, 2021. Each unit includes one share of Class A common stock and one-fourth of a redeemable warrant, with each whole warrant allowing the purchase of one share at $11.50. The offering is expected to close on March 9, 2021, with Barclays and Goldman Sachs serving as joint book running managers.

Positive

• Initial public offering priced at $200 million, providing significant capital for growth.
• Each unit includes a redeemable warrant potentially enhancing shareholder value.

Negative

• Potential dilution of shares if warrants are exercised, affecting existing shareholders.
• Market risk associated with the IPO and uncertainties regarding its completion.

STAMFORD, Conn. and HOUSTON, March 4, 2021 /PRNewswire/ -- First Reserve Sustainable Growth Corp. (the "Company") today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "FRSG U" and are expected to begin trading on Nasdaq on March 5, 2021.

Each unit consists of one share of the Company's Class A common stock and one-fourth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "FRSG" and "FRSG W," respectively.

The offering is expected to close on March 9, 2021, subject to customary closing conditions. Barclays and Goldman Sachs & Co. LLC are acting as joint book running managers of the offering.

The public offering is being made only 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 declared effective by the U.S. Securities and Exchange Commission (the "SEC"). 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 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.

Contact

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 price for First Reserve Sustainable Growth Corp. under the symbol FRSG.U?

The IPO price is set at $10.00 per unit.

When will First Reserve Sustainable Growth Corp. start trading on Nasdaq?

The company is expected to begin trading on Nasdaq on March 5, 2021.

What does each unit in the IPO of FRSG.U consist of?

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

What is the exercise price of the warrants associated with FRSG.U?

The warrants allow the purchase of one share of Class A common stock at $11.50.

When is the expected closing date for the IPO of First Reserve Sustainable Growth Corp.?

The offering is expected to close on March 9, 2021.