JM Global Holding Company, a blank check company formed to acquire a small cap consumer products business, filed and set terms on Tuesday with the SEC to raise up to $50 million in an initial public offering.
The Delray Beach, FL-based company plans to raise $50 million by offering 5 million units at a price of $10. At that price, it would command a market value of $66 million. Each unit consists of one ordinary share and one warrant to purchase one-half of one share at an exercise price of $5.75 per half share.
The SPAC was formed by entrepreneur Qi (Jacky) Zhang, CEO of Nanjing Joymain Science and Technology Development Co., Ltd., which sells health care consumer products in China. Zhang intends to purchase 3,000,000 units on the IPO, or 60% of the proposed float, which would result in a post-IPO stake of 70% - unusually high for a blank check company. JM Global Holding will target consumer products businesses with an enterprise value between $50 million and $200 million.
JM Global Holding Company, which was founded in 2015 and booked n/a in sales for the 12 months ended , plans to list on the NASDAQ under the symbol WYIGU. JM Global Holding Company initially filed confidentially on 5/7/2015. Cantor Fitzgerald is the sole bookrunner on the deal.
