- Greenlight Biosciences, which develops RNA products for agriculture and human health — including Covid-19 vaccines — became a publicly traded company yesterday after merging with Nasdaq-listed special purpose acquisition company (SPAC) Environmental Impact Acquisition Corp.
- The combined company, with an estimated enterprise value of $1.2 billion, is now trading under the ticker symbol GRNA.
- It opened the day on $8.53 per share, closing 5% up at $9.26.
- As part of the deal, Greenlight closed a private placement in public equity transaction raising a reported $124 million in gross proceeds.
Why it matters:
Agrifoodtech SPACs have proven a mixed bag since the first few were announced in early 2020.
US greenhouse operator AppHarvest, which merged with Nasdaq-listed Novus Capital in February, saw its share price nosedive 29% after slashing revenue targets it had set at the time of its SPAC deal.
Targeted RNA crop protection is the next frontier in biopesticides – read more from Greenlight Biosciences here.
US vertical farming company AeroFarms and SPAC Spring Valley terminated their $1.2 billion merger in October, deeming it “not in the best interests of our shareholders.”
Satellite imaging firm Planet Labs saw its SPAC’s stock price plunge 46% in the month following their merger on December 8 last year, while indoor farmer Local Bounti and crop genetics specialist Benson Hill have seen similar price declines – though some commentators see the trend as something of a correction.
