B. Riley Principal 150 Merger, the third blank check company formed by diversified financial services firm B. Riley Financial, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, B. Riley Principal 150 Merger will command a market value of $192 million.
The company is led by CEO, CFO, and Director Daniel Shribman and Chairman Bryant Riley, who serve as CIO and co-CEO of B. Riley Financial (Nasdaq: RILY), respectively. The firm's previous SPACs include B. Riley Principal Merger II, which completed its acquisition of Eos Energy Enterprises (EOSE; +166% from $10 offer price) in November 2020, and B. Riley Principal Merger, which completed its acquisition of Alta Equipment (ALTG; +7%) in February 2020. While it hasn't identified a particular target industry or geography, B. Riley Principal 150 Merger intends to focus on established businesses that have an aggregate enterprise value of approximately $300 million to $1 billion and would benefit from access to public markets and the operational and strategic expertise of the management team and board of directors.
B. Riley Principal 150 Merger was founded in 2020 and plans to list on the Nasdaq under the symbol BRPM.U. B. Riley FBR is the sole bookrunner on the deal.
The article Financial services firm's third SPAC B. Riley Principal 150 Merger files for a $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.