Private equity firm’s SPAC Twin Ridge Capital Acquisition prices $200 million IPO

Twin Ridge Capital Acquisition, a blank check company formed by Twin Ridge Capital targeting the consumer and distribution sectors, raised $200 million by offering 20 million units at $10. 

Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by Chairman Dale Morrison, who is a Founding Partner of Twin Ridge Capital Management (TRCM) and previously served as CEO of McCain Foods, Campbell Soup Company, and Pepperidge Farm. He is joined by Co-CEO and Director Sanjay Morey, who is also a Founding Partner of TRCM, and Co-CEO, CFO, and Director William Russell Jr., a Partner at TRCM. Twin Ridge Capital Acquisition intends to focus its search broadly within the consumer and distribution related and adjacent industries.

Twin Ridge Capital Acquisition plans to list on the NYSE under the symbol TRCA.U. Barclays and Evercore ISI acted as lead managers on the deal.

Source: Nasdaq