Crescent Acquisition, a blank check company formed by Crescent Capital, announced terms for its IPO on Friday.
The Los Angeles, CA-based company plans to raise $250 million by offering 25 million units at a price of $10. At $10, Crescent Acquisition would command a market value of $313 million. Each unit consists of one share of common stock and one-half of one warrant to purchase a share of common stock at $11.50.
Crescent Acquisition was founded in 2017 and plans to list on the Nasdaq under the symbol CRSAU. Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal.
