Boulevard Acquisition II, the second blank check company formed by the co-founders of Avenue Capital Management, raised $350 million by offering 35 million shares at $10.00. It commands a market cap of $438 million.
Each unit consists of one share of Class A common stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. Boulevard Acquisition must acquire another business within 24 months from the IPO or return capital its investors.
Boulevard Acquisition II plans to list on the Nasdaq under the symbol BLVDU. Citi acted as lead manager on the deal.
