EG Acquisition Files for $250M IPO

EG Acquisition registered with the SEC to offer 25 million units, each consisting of one share of Class A common stock and one-third of one redeemable warrant; whole warrants exercisable at $11.50.

The founders’ shares are subject to a three-year lockup, the SPAC noted in the filing.

“Our sponsor believes that this longer lock-up period should better align the interests of the sponsor with those of our investors, and should also provide a competitive advantage when approaching potential target companies, compared to special purpose acquisition companies where the founder shares are subject to a shorter lockup period,” the SPAC said in the filing.

The blank-check company said it will find a merger target by drawing on management’s experience in financial services and asset management; businesses focusing on clean energy and sustainability; transportation and transportation-related businesses; real estate; and healthcare. 

EG Acquisition is led by CEO and Director Gregg Hymowitz, chairman and CEO of investment firm EnTrust Global.

The SPAC has applied for a NYSE listing under EGGFU. Read more.

Total
0
Shares
Related Posts