Foley Hoag Represents GreenLight Biosciences in $1.5B Business Combination Agreement with Environmental Impact Acquisition Corp.
August 10, 2021
Foley Hoag LLP represented GreenLight Biosciences, Inc. ("GreenLight"), a biotechnology company dedicated to making RNA products affordable and accessible for human health and agriculture, in a business combination agreement with Environmental Impact Acquisition Corp. (Nasdaq: ENVI), a publicly traded special purpose acquisition company (“ENVI”), that will result in GreenLight becoming a publicly-listed company. The business combination values the combined company at a pro forma equity value of approximately $1.5 billion. The transaction is expected to generate net funding of up to an estimated $282 million, assuming retention of all funds held in trust by ENVI and receipt of approximately $105 million of fully-committed PIPE financing, from investors including S2G Ventures, Cormorant Asset Management, Morningside Venture Investments, Hudson Bay Capital, BNP Paribas Ecosystem Restoration Fund, The Jeremy and Hannelore Grantham Environmental Trust, Continental Grain Company, Pura Vida Investments LLC, Xeraya Capital, and MLS Fund II/Spruce. The transaction is expected to be completed in the fourth quarter of 2021.
GreenLight, based in Medford, MA, harnesses the power of biology to develop sustainable RNA-based solutions for some of humanity’s greatest challenges in human health through mRNA vaccines and therapeutics and in sustainable food production through RNA-based crop-protection products.
GreenLight was represented by Foley Hoag transaction team lawyers Dave Broadwin, Adrienne Ellman, John Hancock, Erica Harrington, Morris Zarif, Patricia Perez Elias, and Sarah Moore, who were supported by tax and benefits lawyers Nicola Lemay and Teresa Martland.
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