The US company operates as a blank cheque business in the plant-based food and alternative protein space
Natural Order Acquisition Corp. has closed its initial public offering totalling $230 million. The business was founded by Paresh Patel and Sebastiano Cossia Castiglioni in August. The company’s shares are listed on the Nasdaq stock exchange under the ticker symbol NOACU. Cossia Castiglioni is the chief executive of investment firm NKGB Strategic Advisory, a company that was an early investor in Beyond Meat.
Natural Order operates as a blank cheque company. It entered the market with the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalisation, reorganisation or other similar business combination with one or more businesses or entities.
The proceeds of the offering will be used to fund such business combination.
The company revealed in a statement its intention to pursue prospective targets that are focused on technologies and products related to plant-based food and drink, alternative protein, and other alternatives to animal products.
Under US rules, Natural Order will have two years to complete one or more acquisitions.
Chardan and Barclays acted as joint book-running managers in the offering while Loeb & Loeb LLP acted as counsel to the company. Davis Polk & Wardwell LLP acted as counsel to the underwriters.
Date published: 17 November 2020