PDAC - Peridot Acquisition Corp. II sees upsized IPO amid sister SPAC's $1.7B Li-Cycle Holdings deal

Peridot Acquisition Corp. II (PDOTU) plans to begin trading Tuesday after raising $360M through an upsized IPO just weeks after sister SPAC Peridot Acquisition Corp. I (PDAC) agreed to buy battery recycler Li-Cycle Holdings at a $1.7B valuation.PDOTU sold 36M investment units at $10 apiece, with each consisting of one Class A share and 0.2 warrants entitling holders to buy a second share in future at $11.50.The SPAC’s sponsor also granted underwriters an option to purchase as many as 5.4M additional units for overallotments, potentially raising another $54M.PDOTU said in a statement that it aims to acquire companies that “focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas emissions and/or enhance resilience to climate change.”Last month, Peridot Acquisition Corp. I agreed to buy Li-Cycle Holdings, which recycles electric-vehicle batteries using patented technology to recapture their lithium in more environmentally friendly ways.PDAC shares briefly

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Peridot Acquisition Corp. II sees upsized IPO amid sister SPAC’s $1.7B Li-Cycle Holdings deal