Sustainable Development Acquisition I offered 2.5 million more units than initially expected to raise $275 million. The upsize is 10 percent greater than the 25 million units the SPAC listed in its SEC registration last month.
Units begin trading today on the Nasdaq under SDACU.
Each unit consists of one share of the Company’s Class A common stock and one-half of a redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at $11.50. Once the securities comprising the units begin separate trading, stock and warrants will be list under SDAC and SDACW, respectively.
The SPAC in earlier filings said it has strong interest in Certified B Corp companies or those implementing policies and processes to become certified after investment. B Corp companies abide by the highest standards of environmental and social issues, focusing on sustainable supply chains, quality jobs, and stakeholder engagement supported by strong governance mechanisms.
The SPAC is led by CEO and director Nicole Neeman Brady, who has over 20 years of experience as an entrepreneur, executive, investor and community leader with global water, energy, and agricultural expertise. Read more.
