IB Acquisition registered to offer 10 million units at $10 each. A unit consists of one share and a right to receive one-tenth of a share upon completion of a merger.
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.
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) at $10 per unit ($5.7 million or $6.105 million if the underwriters’ over-allotment option is exercised in full) in a private placement that will close simultaneously with the IPO closing.
I-Bankers Securities and IB Capital are joint bookrunners on the deal.
The SPAC intends to apply for a Nasdaq listing but has not yet selected a ticker symbol. Read more.
