IB Acquisition priced its initial public offering of 10 million units at $10 each. The units began trading today on the Nasdaq under the symbol IBACU.
Each unit consists of a share and one right. Twenty rights entitle the holder to receive a share of common stock upon the completion of a business combination. The rights have been diluted since the initial registration of the offering last November, when the SPAC said a unit would consist of one share and one-tenth of a right.
Once the securities begin separate trading, shares and rights are expected to list under the symbols IBAC and IBACR.
The new SPAC is broadly focused on consumer goods, sports and entertainment, and healthcare technology. IB Acquisition anticipates targeting companies in North America, Europe and Asia, with an enterprise value of at least $500 million.
Chairman and CEO Al Lopez is the founder and CEO of Alma Coffee. From 2008-2017, Lopez was also a member of Gerson Lehrman Consulting Group. Prior to that, from 2006-2008 he was president and CEO of Blair Corporation, a $400+ million multi-channel direct marketer of apparel and home goods.
I-Bankers Securities and IB Capital are joint book-running managers of the offering. The underwriters have a 30-day option to purchase up to an additional 1.5 million units to cover any over-allotments. The offering is expected to close March 28.
Sponsor I-B Good Works 4 has committed to purchase 570,000 units (or 610,500 units if the underwriters’ over-allotment option is exercised in full). Read more.
