Forum Merger III, the third blank check company formed by SPAC veterans David Boris and Marshall Kiev, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Delray Beach, FL-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed price, Forum Merger III would command a market value of $320 million.
The company is led by co-CEOs Marshall Kiev and David Boris. Kiev is the founder and President of private investment firm MK Capital Partners, and Boris is the former Senior Managing Director and Head of Investment Banking at Pali Capital. While the company has not selected a target industry, it plans to focus on US-based companies with an aggregate enterprise value of approximately $500 million to $2 billion.
The pair's previous SPACs include Forum Merger II (FMCI; +53%), which went public in August 2018 and recently entered into an agreement to acquire vegetarian food company Ittella International, and Forum Merger, which went public in April 2017 and merged with IT services provider ConvergeOne (CVON; +24%) in February 2018.
Forum Merger III was founded in 2019 and plans to list on the Nasdaq under the symbol FIIIU. Jefferies is the sole bookrunner on the deal.
