Blackstone Products, a manufacturer of outdoor griddle cooking appliances and accessories, and Ackrell SPAC Partners I today announced plans to merge at a combined pro forma enterprise value of $900 million.
If approved, Blackstone Products expects to apply for a Nasdaq listing under new ticker symbol BLKS.
The transaction will provide approximately $95 million in estimated gross proceeds to Blackstone, assuming no redemption by Ackrell shareholders, including a $31 million PIPE and $111 million of convertible notes due 2027. The notes will be convertible into shares of common stock at the option of investors at any time. The company will have the option to redeem all or any portion of the Notes after April 15, 2025, if certain stock price and liquidity conditions are satisfied. Read more.
