Merger ENVIU

GreenLight Biosciences Announces Business Agreement With Environmental Impact Acquisition Corp.

, SPAC Research

GreenLight Biosciences, Inc., a biotechnology company dedicated to making ribonucleic acid (RNA) products affordable and accessible for human health and agriculture, and Environmental Impact Acquisition Corp. (Nasdaq: “ENVI”), a publicly traded special purpose acquisition company, have agreed to a business combination that will result in GreenLight becoming a publicly-listed company.

GreenLight Biosciences is an integrated life sciences company with a breakthrough biomanufacturing platform for discovering, developing, scaling, and commercializing ribonucleic acid (RNA) solutions at volume for a diverse product pipeline across agriculture and human health. Applications include vaccine development, pandemic preparation, crop management, and plant protection. The GreenLight team values diversity, inclusion, and equality and uses collaboration to remain scientifically imaginative and passionately focused on making a difference in the world.

Following the close, GreenLight will have a pro forma enterprise value of approximately $1.2 billion based on the $10.00 per share price of ENVI common stock.

The transaction will provide estimated proceeds to fund operations of $282 million assuming delivery of the full amount held in trust by ENVI. This includes $105 million in proceeds from a fully committed common stock PIPE transaction priced at $10.00 per share, demonstrating strong support from investors including S2G Ventures, Cormorant Asset Management, Morningside Venture Investments, Hudson Bay Capital, BNP Paribas Ecosystem Restoration Fund, The Jeremy and Hannelore Grantham Environmental Trust, Continental Grain Company, Pura Vida Investments LLC, Xeraya Capital, and MLS Fund II/Spruce. The PIPE financing is subject to customary closing conditions and is expected to close immediately prior to the business combination.

GreenLight will continue to be led by co-founder and CEO Andrey Zarur and supported by the existing management team.

The Boards of Directors of Environmental Impact Acquisition Corp. and GreenLight have approved the transaction. The transaction will require the approval of the stockholders of both Environmental Impact Acquisition Corp. and GreenLight and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the fourth quarter of 2021.

SVB Leerink LLC and Credit Suisse Securities (USA) LLC are acting as financial and capital markets advisors to GreenLight and co-placement agents on the PIPE transaction. Foley Hoag LLP is acting as legal advisor to GreenLight. Canaccord Genuity is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Environmental Impact Acquisition Corp.

Read more