Jensyn Acquisition, a blank check company formed to acquire consulting businesses, announced terms for its IPO on Monday.
The Freehold, NJ-based company plans to raise $40 million by offering 4.0 million units for $10 each. At that price, Jensyn Acquisition would command a fully diluted market value of $52 million. Insiders plan to invest $2.5 million in a concurrent private placement at $10 per unit. Units consist of one share of common stock and one-half of one warrant, exercisable as whole warrants at $11.50.
Jensyn Acquisition, which was founded in 2014, plans to list on the Nasdaq under the symbol JSYNU. Chardan Capital Markets is the sole bookrunner on the deal.
