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Maquarie-backed blank check company Boxwood Merger decreases proposed IPO deal size

Boxwood Merger, a Macquarie-backed blank check company led by the former COO of engineering services firm AECOM, lowered the proposed deal size for its upcoming IPO on Thursday.

The Santa Monica, CA-based company now plans to raise $200 million by offering 20 million units at a price of $10. Each unit will consist of one share of common stock and one half of one warrant to purchase one share of common stock at $11.50. The company had previously filed to offer 25 million units at the same price. Boxwood Merger will raise 20% less in proceeds than previously anticipated. At $10, Boxwood would command a market value of $253 million.

Boxwood Merger was founded in 2017 and plans to list on the Nasdaq under the symbol BWMCU. BofA Merrill Lynch, Morgan Stanley and Macquarie Capital are the joint bookrunners on the deal.

The article Maquarie-backed blank check company Boxwood Merger decreases proposed IPO deal size 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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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