Simon Property Group Acquisition, a blank check company formed by Simon Property Group, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by Chairman David Simon, the CEO and Chairman of Simon Property Group (SPG); CEO and Director Eli Simon, who currently serves as SVP of Corporate Investments at SPG; and CFO Brian McDade, who currently serves as CFO of SPG. Simon Property Group Acquisition plans to target a business or assets with significant growth potential and prospects to create value in the public markets. The target will likely be in an industry that will benefit from the experience, expertise, and operating skills of the management team and SPG.
Simon Property Group Acquisition plans to list on the NYSE under the symbol SPGS.U. Goldman Sachs acted as a lead manager on the deal.
The article Real estate firm's SPAC Simon Property Group Acquisition prices $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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