Banner Acquisition filed to offer 15 million units at $10 each. A unit consists of one share and one-half of one redeemable warrant; whole warrants exercisable at $11.50.
The new SPAC in the filing said it intends “to initially focus on companies with an enterprise value range of $500 million to $3 billion, depending on market opportunities for liquidity, that have strong historical earnings and are essential to the United States economy.” This includes healthcare, education and business services.
Banner is led by Chairman Christopher Christensen, the co-founder and executive chairman of The Ensign Group, a publicly-traded operator in the skilled nursing sector.
Underwriter BofA Securities has a 45-day option to purchase up to an additional 2.25 million units to cover over-allotments, if any.
The SPAC said it has applied for a Nasdaq listing under BNNRU. Read more.
