REZI - Stericycle and Constellation Brands ex-execs plan $345M SPAC Sierra Lake Acquisition Corp.

Former CEO Charles Alutto of medical-waste disposal firm Stericycle (SRCL) is teaming up with top ex-executives of Constellation Brands (STZ) and other businesses to raise as much as $345M for SPAC Sierra Lake Acquisition Corp. (SIERU).The special purpose acquisition company plans to offer 30M investment units at $10 apiece, with each consisting of one Class A shares and 0.33 warrants entitling holders to buy a second share in future at $11.50.The SPAC is also granting underwriters the option to buy as many as 4.5M additional units for overallotments, potentially raising another $45M.Additionally, the SPAC’s sponsor will invest $8M to purchase 5.33M warrants at $1.50 apiece, with each entitling the sponsor to purchase one Class A share at $11.50 in future. However, unlike most such private placements, the sponsor won’t expand the size of its add-on investment if underwriters exercise all overallotments.In addition to Alutto, the SPAC’s management includes Executive Co-Chairmen

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Stericycle and Constellation Brands ex-execs plan $345M SPAC Sierra Lake Acquisition Corp.