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12 SPACs That Could Bring Impossible Foods Public

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12 SPACs That Could Bring Impossible Foods Public

Impossible Foods is exploring options to go public either via traditional IPO or SPAC, according to Reuters. The company is one of the largest in the plant-based food market and a main competitor for Beyond Meat Inc (NASDAQ: BYND).

Here are some of the SPACs that could bring Impossible Foods public, should Impossible Foods opt for a different route to going public than the traditional IPO.

Natural Order Acquisition: Launched in August 2020, Natural Order Acquisition Corp (NASDAQ: NOAC) is targeting a company in the sustainable plant-based food and nutrition markets. The SPAC is led by Paresh Patel and Sebastiano Cossia Castigioni. As the founder of several food companies, Castiglioni is well-known in the food community. This SPAC raised over $200 million, which puts it at the smaller side for getting a piece of Impossible Foods.

Jack Creek Investment Corp: A SPAC that raised over $300 million targeting a company in the food and grocery supply chain business could target Impossible Foods. Jack Creek Investment Corp (NASDAQ: JCIC) includes Samir Kaul as one of the directors. Kaul is a member of Khosla Ventures, an investor in Impossible Foods.

Related Link: Impossible Foods Wants To Completely Replace Animals, President Says After Price Cut Announcement

Star Peak Corp II: The second SPAC from Star Peak is targeting sustainability, which includes sustainable food or agriculture companies. Star Peak Corp II (NYSE: STPC) raised over $400 million in its offering.

Better World Acquisition: With its low offering size, Better World Acquisition Corp (NASDAQ: BWAC) could be a long shot to land Impossible Foods. The company is targeting a company in the healthy living segment with strong ESG profiles. Impossible Foods could fit into those categories.

Jaws SPACs: Barry Sternlicht is a well-known name in the SPAC space with several deals announced. Sternlicht teamed up with Serena Williams on Jaws Spitfire Acquisition Corporation (NYSE: SPFR), which is bringing Velo3D public.

Williams is an investor in Impossible Foods, and her relationship with Sternlicht could help him land Impossible Foods with one of his other SPACs. Jaws Hurricane Acquisition Corp (NASDAQ: HCNEU) is targeting consumer technology companies. The Jaws Mustang Acquisition Corporation (NYSE: JWSM) raised over $1 billion and could have the money to get a good chunk of Impossible Foods.

Khosla Ventures: One of the bigger investors in Impossible Foods is venture capital firm Khosla Ventures. The company has launched several SPACs and could seek to use one of its vehicles to take the company public. Khosla has the Khosla Ventures Acquisition Co (NASDAQ: KVSA), Khosla Ventures Acquisition Co II (NASDAQ: KVSB), Khosla Ventures Acquisition Co III (NASDAQ: KVSC) and Khosla Acquisition Co IV (NASDAQ: KVSD) SPACs all seeking targets. But with an intended focus on technology companies, it seems less likely that these will take Impossible Foods public.

Large SPACs: Given the large valuation for Impossible Foods, a larger SPAC with over $1 billion could be more likely to bring the company public without needing as large of a PIPE. Some names to watch could include KKR Acquisition Holdings I Corp (NYSE: KAHCU) and Ares Acquisition Corporation (NYSE: AAC).

Disclosure: Author is long shares of SPFR.

(Photo: Impossible Foods)

 

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