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Plus Acquisition Corp. (NASDAQ: DCRB), a special purpose acquisition company (SPAC) that raised $626 million to target a company for merger. Hyzon expects to get up to $570 million after expenses when the business combination closes.
DCRB raised $226 million in an initial public offering. Another $400 million came via private investment in public equity (PIPE) funding. VectoIQ Acquisition Corp. raised $755 million for its reverse merger with battery-electric and fuel cell truck making startup
Nikola Corp. (NASDAQ: NKLA) in June 2020.
Institutional investors in the PIPE include funds and accounts managed by BlackRock, the Federated Hermes Kaufmann Funds, Fidelity Management & Research Company LLC, Wellington Management and Riverstone Energy Ltd. BlackRock and Fidelity are regular SPAC investors. SPAC Insider. reports 128 SPACs in the first five weeks of 2021.
Hyzon Motors, the Leading Hydrogen Fuel Cell Heavy Vehicle Company, Announces Business Combination with Decarbonization Plus Acquisition Corporation; Combined Company Expected to be Listed on Nasdaq
- Transaction to provide gross proceeds of up to approximately $626 million to the company, including a $400 million fully committed common stock PIPE at $10 per share, anchored by existing and new investors, including funds and accounts managed by BlackRock, the Federated Hermes Kaufmann Funds, Fidelity Management & Research Company LLC, Wellington Management and Riverstone Energy Limited
- Proceeds to fully fund and accelerate Hyzon s well-defined growth strategy in the hydrogen fuel cell-powered, zero-emission commercial transportation sector