Heartland Media Acquisition registered to offer 20 million units at $10 each. A unit consists of one Class A share and one-half of a warrant.
The sponsor has agreed to purchase up to $11.2 million in the SPAC’s warrants. Initial sotckholders own 5.75 million Class B shares.
Heartland Media is targeting the media, entertainment and sports sectors.
CEO Robert Prather Jr. and a partner acquired control of Gray, a public company, in late 1993. During his tenure, he helped grow the market capitalization of Gray from approximately $52 million to more than $400 million.
BofA Securities and Moelis are Joint book runners for the offering.
The SPAC will apply to list on the NYSE under HMA.U. Read more.
