Environmental Impact Acquisition in an 8-K filing disclosed it nad merger partner Greenlight Biosciences have agreed to issue $35.25 million in convertible securities to certain existing PIPE investors.
The convertible securities have a maturity of one year, bear interest at the rate of the minimum applicable annual federal rate payable at maturity and, if the business combination is not completed, convert into equity or other securities of GreenLight if the company completes certain other financing or sale transactions.
The SPAC’s PIPE financing stands at $124.25 million. Formed by investment bank Canaccord Genuity, Environmental Impact Acquisition raised $207 million in a January IPO. Read more.
