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Energy SPAC Black Ridge Acquisition files for $100 million IPO

September 18, 2017
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Black Ridge Acquisition, a blank check company formed by Black Ridge Oil & Gas targeting the energy industry, filed with the SEC on Monday to raise $100 million in an initial public offering.

The Minneapolis, MN-based company plans to raise $100 million by offering 10 million units at a price of $10. At that price, Black Ridge Acquisition would command a fully diluted market value of $129 million. Each unit consists of one share of common stock, one right entitling the holder to one-tenth of one share and one warrant exercisable at $11.50.

Black Ridge Acquisition was founded in 2017 and plans to list on the Nasdaq under the symbol BRACU. EarlyBirdCapital is the sole bookrunner on the deal. No timing on pricing was disclosed.