Environmental Impact (ENVI) Shareholders Approve GreenLight BioSciences Deal
Environmental Impact Acquisition Corp. (NASDAQ:ENVI) announced this afternoon that its shareholders have approved its combination with biotech firm GreenLight in a special meeting held yesterday.
The 8-K filing did not disclose redemption amounts, but ENVI closed yesterday at $8.57. A total of 20,879,590 shares of ENVI’s common stock, representing 80.69% of the shareholders, were present at yesterday’s special meeting with 78.6% voting in favor of the combination.
The SPAC announced in late November that it added $19 million to the PIPE for its deal, totaling $124 million in gross proceeds. The additional $19 million included a $10 million strategic investment from Serum Life Sciences Ltd, a subsidiary of Serum Institute of India Pvt. Ltd, and was made under the same terms as the $105 million common stock PIPE investment that ENVI and GreenLight announced as part of their proposed business combination.
Investors include Serum Life Sciences, Fall Line Capital, Viceroy Capital, 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.
In connection with the closing, the company will change its name to GreenLight Biosciences Holdings, and the combined company’s common stock and public warrants are expected to trade on the Nasdaq beginning tomorrow, February 3, 2022, under the ticker symbols “GRNA” and “GRNA.WS,” respectively.
Environmental Impact originally announced its $1.2 billion deal with GreenLight last year on August 10. Massachusetts-based GreenLight is developing a biomanufacturing platform for commercializing ribonucleic acid (RNA) products for both agricultural and human health applications.
ADVISORS
- 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 the legal advisor to GreenLight.
- Canaccord Genuity is acting as the financial advisor.
- Latham & Watkins LLP is acting as legal advisor to Environmental Impact Acquisition Corp.