Banner Acquisition priced its IPO of 15 milkion units at $10 each.
Units begin trading today on the Nasdaq under BNNRU. Each consists of one share and one-half of one redeemable warrant; whole warrants exercisable at $11.50 for a share.
When the securities begin separate trading, shares and warrants are expected to list under BNNR and BNNRW. The IPO is expected to close Sept. 10.
The new SPAC in its July S-1 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. Read more.
