Sustainable Development Acquisition I Corp Announces Pricing of $275 Million Initial Public Offering

Rhea-AI Summary

Sustainable Development Acquisition I Corp. (SDAC) announced the pricing of its upsized IPO of 27,500,000 units at $10.00 each, set to list on Nasdaq under the ticker 'SDACU' starting February 5, 2021. Each unit includes one Class A common stock share and one-half redeemable warrant, with whole warrants priced at $11.50. The SPAC targets mergers or acquisitions in industries like water, food, agriculture, and renewable energy aimed at addressing UN Sustainable Development Goals. The IPO closing is projected for February 9, 2021, pending customary conditions.

Positive

• Upsized IPO of 27,500,000 units at $10.00 per unit.
• Focus on high-demand sectors: water, food, agriculture, and renewable energy.
• Potential for substantial business combinations aimed at sustainability.

Negative

• No assurance that the IPO will be completed as planned.
• Forward-looking statements indicate risks regarding business combinations.

Sustainable Development Acquisition I Corp. (“SDAC” or the “Company”), a public benefit corporation and pending B Corporation, today announced the pricing of its upsized initial public offering of 27,500,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the Nasdaq Capital Market under the ticker symbol “SDACU” beginning February 5, 2021.

Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the Nasdaq Capital Market under the symbols “SDAC” and “SDACW,” respectively.

SDAC is a special-purpose acquisition company (SPAC) 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. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the water, food & agriculture and renewable energy sectors that are addressing the global challenges identified by the United Nations Sustainable Development Goals.

SDAC is led by Nicole Neeman Brady, Chief Executive Officer and Director, Eric Techel, Chief Financial Officer, and Robert Schultz, Chairman of the Board of Directors. The team also includes independent directors Kathleen Brown, Andrew Kassoy, and Annette Rodriguez-Ferrer; as well as operating partners Anthony Abbenante, William Orum and Jason Scott.

Barclays and BofA Securities are acting as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to 4,125,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: barclaysprospectus@broadridge.com; and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com.

Registration statements relating to the securities became effective on February 4, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, 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. The offering is expected to close on February 9, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. 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 U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, at 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006189/en/

FAQ

What is the purpose of Sustainable Development Acquisition I Corp.'s IPO?

The IPO aims to raise capital for potential mergers or acquisitions in sustainable sectors.

When will SDACU start trading on Nasdaq?

SDACU is expected to begin trading on Nasdaq on February 5, 2021.

What does each unit in the IPO consist of?

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

What are the risks associated with SDAC's IPO?

There is no guarantee of successful completion of the IPO or future business combinations.

When is the expected closing date for the IPO?

The IPO is expected to close on February 9, 2021, subject to customary closing conditions.