Waverley Capital Acquisition 1 priced its IPO of 20 million units at $10 each.
Units begin trading today on the NYSE under WAVCU. Each consists of one share and one-third of one redeemable warrant; whole warrants exercisable for a share at $11.50.
Once the securities begin separate trading, shares and warrants are expected to list under WAVC WAVCW.
Waverley is targeting companies focused on media, technology or entertainment.
The Company is sponsored by an affiliate of Waverley Capital, and is led by CEO Daniel V. Leff, Ph.D., and Chairman Edgar Bronfman Jr., former CEO of Warner Music.
Evercore and Morgan Stanley are joint book-running managers. The underwriters have an over-allotment option to purchase up to 3 million additional units.
The offering is expected to close Aug. 24. Read more.
