The Natural Order Acquisition Corporation, a special purpose acquisition company (SPAC) founded by Sebastiano Cossia Castiglioni and Paresh Patel, announced Friday the closing of its initial public offering, which generated total gross proceeds of $230 million.
Natural Order Acquisition Corporation is a blank check company formed for the purpose of effecting a business combination with one or more businesses in the alternative protein sector. Its intention is to pursue prospective targets that are focused on technologies and products related to plant-based food and beverages, alternative protein, and other alternatives to animal products.
Chairman Sebastiano Cossia Castiglioni is one of the most influential and dedicated figures in the plant-based business world. Castiglioni is a managing partner at the investment firm Dismatrix a partner of Blue Horizon Corporation, and an investor in the global investment competition Pitch&Plant 2020 organised by Vevolution. He is also a passionate board member of several animal rights organizations, such as Sea Shepherd, Animal Outlook, International Anti-Poaching Foundation, Project Coyote and Animal Equality.
Natural Order will be led by CEO Paresh Patel, best-known as the founder of India and Massachusetts-based investment company Sandstone Capital and also notably an Executive Producer of influential documentary The Game Changers.
The company states: “Although there is no restriction or limitation on what industry our target operates in, it is our intention to pursue prospective targets that are focused on technologies and products related to sustainable plant-based food and beverages, alternative protein, and ingredients. More specifically, our target market includes companies that use plant-based, cell-based or precise fermentation technologies to develop food products that eliminate animals from the food supply chain.
We refer to all these technologies herein as “plant-based” or “alternative.” While we may pursue a target located anywhere in the world, we anticipate targeting companies domiciled in North America or Europe.”
Once the securities comprising the units begin separate trading, the shares of common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “NOAC” and “NOACW,” respectively.