AR Capital Acquisition, a blank check company formed by the co-founders of American Realty Capital, filed and set terms terms for its IPO on Monday. The New York, NY-based company plans to raise $300 million by offering 30 million units at a price of $10 each. The units will include one common share and one half of one warrant to purchase a share at $11.50. Including outstanding shares, AR Capital Acquisition should command a market value of $375 million.
The company's CEO and CFO, Nicholas Schorsch and William Kahane, also formed American Realty Capital Properties (NASDAQ: ARCP), a REIT with about an 8% yield and a market cap of $11.8 billion. The stock is up 1% year-to-date and 4% from its September 2011 IPO. The duo also lead RCS Capital (RCAP), up about 21% year-to-date and 12% from its June 2013 IPO.
AR Capital Acquisition, which was formed in 2014 and, plans to list on the NASDAQ under the symbol ARMAU. Citi is the sole bookrunner on the deal, and Ladenburg Thalmann will serve as co-manager. No pricing date was disclosed.
