Distressed business SPAC Good Works Acquisition prices $150 million IPO at $10
Good Works Acquisition, a blank check company targeting a business experiencing financial distress or restructuring, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors Magnetar Financial, Mint Tower Capital Management, Periscope Capital, and Polar Asset Management Partners has indicated on $60 million worth of units in the offering.
The company is led by CEO and Co-Chairman Fred Zeidman, Chairman of complex financial matter-focused investment bank Gordian Group and former Restructuring Officer of TransMeridian Exploration and Chief Bankruptcy Trustee of AremisSoft; Co-Chairman Douglas Wurth, former CEO of Alternative Investments for J.P. Morgan Asset Management; and President and Director Cary Grossman, co-founder and Managing Director of Shoreline Capital Advisors, an investment banking firm focused on financial advisory services and middle market corporate finance transactions.
The company plans to target businesses that have experienced financial distress or have recently emerged from a financial restructuring, focusing on businesses with enterprise values between $400 million and $600 million.
Good Works Acquisition plans to list on the Nasdaq under the symbol GWACU. I-Bankers Securities acted as sole bookrunner on the deal.
The article Distressed business SPAC Good Works Acquisition prices $150 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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