Group Nine Acquisition, a blank check company formed by Group Nine Media targeting the media industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Ben Lerer, who was the co-founder and CEO of Thrillist prior to becoming the CEO of Group Nine Media. He is joined by CFO Sean Macnew, the CFO of Group Nine Media and previously POPSUGAR, and President and Director Brian Sugar, who is the President of Group Nine Media and former CEO of POPSUGAR.
Concurrent with its business combination, Group Nine Acquisition currently intends to combine with Group Nine Media, the parent company of its sponsor and the owner of digital media brands Thrillist, NowThis, The Dodo, Seeker, and POPSUGAR. The company will not, however, complete an initial business combination with only Group Nine Media and plans to target businesses in the digital media and adjacent industries, including the social media, e-commerce, events, and digital publishing and marketing sectors.
Group Nine Acquisition plans to list on the Nasdaq under the symbol GNACU. Barclays and CODE Advisors acted as lead managers on the deal.
