Group 9 Media revealed last month that it was forming a SPAC (brief for particular function acquisition company) with a purpose to elevate cash for acquitions.
The corporate has now moved ahead with these plans, asserting final night time that it had priced the SPAC’s IPO $10 at per unit, to boost a complete of $200 million. It’s now buying and selling on NASDAQ underneath the ticker image GNACU; as of two:53pm Jap shares have been up 6.55%. (Finally, the Class A standard inventory will probably be listed as GNAC and warrants will probably be listed individually as GNACW.) The providing is predicted to shut on January 20.
The acquisition company, like Group 9 itself, is led by CEO Ben Lerer (pictured above). Creativeness Capital Companion Richard D. Parsons and Reddit Chief Working Officer Jen Wong are additionally on the board of administrators.
Group 9 was formed in 2016 with backing from Discovery, merging Thrillist, NowThis, The Dodo and Seeker. It subsequently acquired PopSugar, with co-founder Brian Sugar changing into president of each Group 9 and now Group 9 Acquisition Corp.
SPACs, often known as clean verify firms, have turn into an more and more well-liked method for firms to boost cash from the general public markets. In its preliminary submitting, Group 9 stated it will use the funding “for the aim of effecting a merger, capital inventory trade, asset acquisition, inventory buy, reorganization or comparable enterprise mixture.”