Coronavirus | Footprint International, Footprint to become company

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Coronavirus | Footprint International, Footprint to become company

A joint statement from the companies was made on Tuesday by Footprint International Holdco Inc., a maker of coating technologies that allow plant-based materials to compete with traditional plastic-based materials. The deal is expected to create a company with an estimated enterprise value of $1.6 billion. The new company will be Footprint International Inc. and will trade on Nasdaq under the new ticker FOOT. It will be led by Troy Swope, co-founder and CEO. Footprint was founded in 2014 as a material science company using plant-based fiber technology. With corporations, regulators and consumers increasingly demanding high-quality, sustainable alternatives to single-use plastic, foam and other products, Footprint's solutions are focusing on a growing $315 billion annual market opportunity that is converting to environmentally friendly solutions as quickly as possible, according to the companies. The shareholders are Conagra CAG, JBS, Eggland's Best and Sweetgreen. The new company will have around $805 million in proceeds from the SPAC and private investment in public equity, or PIPE, anchored by Koch Strategic Platforms, which includes a commitment from the SPAC sponsor. The deal is expected to close in the first half of 2022.