B. Riley Principal Merger II, the second blank check company formed by diversified financial services firm B. Riley Financial, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at a price of $10. Each unit consists of one share and one half of a redeemable warrant exercisable at $11.50. At the $10 offer price, B. Riley Principal Merger II would command a market value of $256 million. B. Riley Financial has a forward purchase agreement $25 million worth of units.
The SPAC is led by CEO/ CFO Daniel Shribman and Chairman Bryant Riley, whose previous SPAC, B. Riley Principal Merger, completed its acquisition of Alta Equipment (NYSE: ALTG) in February 2020, Alta Equipment closed at $4.61 (-54% since IPO) on 4/23. The two serve as CIO and co-CEO of B. Riley Financial (RILY), respectively. B. Riley Principal Merger II intends to target established businesses that have an aggregate enterprise value of approximately $400 million to $1 billion.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol BMRG.U. B. Riley Principal Merger II filed confidentially on March 2, 2020. B. Riley FBR is the sole bookrunner on the deal.
