TPB Acquisition in an amended S-1 filing said it would lower its offering to 20 million units, down from the 25 million units it initially registered in February, representing a 20 percent reduction in the deal size.
Each unit has an offering price of $10 and consists of one Class A ordinary share and one-third of one redeemable warrant. Whole warrants would be exercisable at $11.50.
The new SPAC will target sustainability-focused companies across the food, agriculture, biomanufacturing, and life sciences sectors.
TPB is led by CEO and Chairman David Friedberg, who is the founder and has served as CEO of The Production Board since 2015. Friedberg also sits on the boards of several private companies, including Brightloom, Northern Quinoa Production Company, Soylent, Clara Foods, Pattern Ag, TripleBar Bio, Uplifting Results Labs, Cana Technology, Ohalo Genetics, and Tillable.
The SPAC intends to apply for a Nasdaq listing under TPBAU. Read more.
