IPO: Carnelian Energy-backed SPAC Peridot Acquisition closes $300m IPO

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[Context: On September 28, Carnelian Energy Capital-backed special purpose acquisition company (SPAC) Peridot Acquisition Corp. closed its $300m IPO. Carnelian holds a portfolio of upstream, midstream and oilfield services. Further details, advisors and related links are below.]


Peridot Acquisition Corp. Announces Closing of $300 Million Initial Public Offering

Houston, Texas, September 28, 2020 – Peridot Acquisition Corp. (the “Company”), a blank check company sponsored by an affiliate of Carnelian Energy Capital Management, L.P. (“Carnelian”) and formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 30,000,000 units. Total gross proceeds from the offering were $300 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

While the Company may pursue an initial business combination target in any business or industry, the Company is targeting companies that focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas (GHG) emissions and/or enhance resilience to climate change, a thematic that the Company refers to as Mitigation and Adaptation. The Company’s sponsor is an affiliate of Carnelian, an investment firm that focuses on opportunities in the North American energy space in partnership with best-inclass management teams.

The units began trading on the New York Stock Exchange under the ticker symbol “PDAC.U” on September 24, 2020. Each unit consists of one Class A ordinary share of the Company and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “PDAC” and “PDAC WS,” respectively.

UBS Securities LLC and Barclays Capital Inc. acted as joint book running managers and Tudor, Pickering, Holt & Co. Securities, LLC acted as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained from: UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, telephone: (888) 827-7275 or email: ol-prospectusrequest@ubs.com, or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: barclaysprospectus@broadridge.com, tel: (888) 603-5847.

A registration statement relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (“SEC”) on September 23, 2020. Copies of the registration statement, as amended, can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.