Liquidated · 10 Mar 2023FRSG U · NasdaqCIK 1842883Sponsor at IPO: First Reserve Sustainable Growth Sponsor LLC

First Reserve Sustainable Growth Corp.

$222MTrust raised at IPO

IPO4 Mar 2021
Searching24 months
Deal announced—
Liquidated10 Mar 2023

Tavia Read What stands out, from the filings · snapshot 14

01
Smaller than 63% of 2021’s SPAC IPOs.
$222M raised, against a median of $239M for the 610 SPACs that priced in 2021.
02
The trust was liquidated.
Public shares were redeemed and the SPAC did not complete a merger.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →

IPO priced: 4 Mar 2021
IPO closed: 9 Mar 2021
Raised: $222M¹
Units sold: 22,243,955²
Trust raised: $222M³
Trust per unit: $10.00⁴
Unit: 1 sh + ¼ warrant⁵
Months to complete: 24⁶
Deadline before extensions: 9 Mar 2023
Over-allotment: Exercised in part

Each unit: “one share of Class A common stock and one-fourth of one warrant”

How it compares

First Reserve Sustainable Growth Corp. against the 610 SPACs that priced in 2021.

Raised: $222M; 63% of 2021 SPACs are above it; 2021 median: $239M
Trust per unit: $10.00; 63% of 2021 SPACs match it; 2021 median: $10.00
Months to complete: 24; 56% of 2021 SPACs match it; 2021 median: 24

Trust and redemptions

No extension or merger vote with paid redemptions is on record for this SPAC yet.

Firms named in the prospectus

Bookrunners

Sponsor

No other SPAC from First Reserve Sustainable Growth Sponsor LLC or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with Barclays Capital Inc. as bookrunner.

SPAC	IPO	Raised	Unit	Status
Growth for Good Acquisition Corp	9 Dec 2021	$253M	1 sh + ½ warrant + 1 right (1/2)	Liquidated
Power & Digital Infrastructure Acquisition II Corp.	9 Dec 2021	$288M	1 sh + ½ warrant	Completed
Capitalworks Emerging Markets Acquisition Corp	30 Nov 2021	$230M	1 sh + ½ warrant	Deal announced
RCF Acquisition Corp.	9 Nov 2021	$230M	1 sh + ½ warrant	Completed
Spindletop Health Acquisition Corp.	3 Nov 2021	$230M	1 sh + ½ warrant	Liquidated

Sources

PFinal prospectus: 0001564590-21-011270
1Gross proceeds: 0001564590-21-013214including the partial exercise of the underwriters’ option to purchase 2,243,955 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of approximately $222.4 million
2Units sold: 0001564590-21-013214completed its initial public offering (the “IPO”) of 22,243,955 units (the “Units”), including 2,243,955 Units that were issued pursuant to the underwriters’ partial exercise of their over-allotment option.
3Trust raised: 0001564590-21-013214Of the net proceeds from the IPO and the sale of the Private Placement Warrants, $222,439,550, including $7,785,384 of deferred underwriting discounts and commissions, has been deposited in a U.S. based trust account
4Trust per unit: 0001564590-21-011270$200.0 million or $230.0 million if the underwriters’ overallotment option is exercised in full ($10.00 per unit in either case) will be deposited into a U.S. based trust account at J.P. Morgan Chase Bank, N.A.
5Unit composition: 0001564590-21-011270Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-fourth of one warrant.
6Months to complete: 0001564590-21-011270If we have not completed our business combination within 24 months from the closing of this offering we will redeem 100% of the public shares at a per-share price described herein

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled

Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
Dated by. The date of the final prospectus.
Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.

Smaller than 63% of 2021’s SPAC IPOs.

The trust was liquidated.