Benzinga | Aug 10, 2021 02:46PM EDT

RNA Tech Vaccine Developer GreenLight Biosciences Riding To NASDAQ Debut Via $1.5B SPAC Deal

* GreenLight Biosciences Inc is combining with a special-purpose acquisition company to go public in a deal that values the RNA-technology firm at about $1.5 billion.

* GreenLight is merging with Environmental Impact Acquisition Corp (NASDAQ:ENVI), which is backed by investment bank Canaccord Genuity Group Inc.

* GreenLight's ribonucleic acid (RNA) platform has developed candidates for COVID-19, influenza, and earlier-stage programs in sickle cell disease. It is simultaneously working on RNA-based sustainable alternatives to pesticides and herbicides.

* The first biopesticide is slated to launch in 2022, the company said at the time of its series D.

* The transaction will provide estimated proceeds of $282 million, including $105 million in proceeds from the PIPE transaction priced at $10.00 per share.

* Price Action: ENVI shares are up 1.13% at $9.81 during the market session on the last check Tuesday.