SilverBox Engaged Merger I, a blank check company formed by SilverBox Capital and Engaged Capital, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The Austin, TX-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with Engaged Capital. At the proposed deal size, SilverBox Engaged Merger I will command a market value of $375.
The company is led by Executive Chairman Joseph Reece and CEO Stephen Kadenacy, co-founders and Managing Members of SilverBox Capital. Reece and Kadenacy also serve as founders and CEOs of Helena Capital and Boxwood Capital, respectively. SilverBox Engaged Merger I intends to acquire one or more businesses with an aggregate enterprise value in excess of $1 billion.
SilverBox Engaged Merger I was founded in 2020 and plans to list on the Nasdaq under the symbol SBEAU. It filed confidentially on January 20, 2021. Citi and Deutsche Bank are the joint bookrunners on the deal.
