Boxwood Merger, a Macquarie-backed blank check company led by the former COO of engineering services firm AECOM, lowered the proposed deal size for its upcoming IPO on Thursday.
The Santa Monica, CA-based company now plans to raise $200 million by offering 20 million units at a price of $10. Each unit will now consist of one share of common stock and one warrant exercisable at $11.50. The company had previously filed to offer 25 million units at the same price, and units contained half warrants. Boxwood Merger will raise 20% less in proceeds than previously anticipated. At $10, Boxwood would command a market value of $253 million.
Boxwood Merger was founded in 2017 and plans to list on the Nasdaq under the symbol BWMCU. BofA Merrill Lynch, Morgan Stanley and Macquarie Capital are the joint bookrunners on the deal.
