EJF Acquisition, a blank check company formed by EJF Capital targeting the financial services sector, raised $250 million by offering 25 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 Chairman Emanuel Friedman, co-founder, Co-CEO, and Co-CIO of EJF Capital and a founder and former Co-CEO of FBR; Vice Chairman Neal Wilson, co-founder and Co-CEO of EJF Capital; and CEO and Director Kevin Stein, who currently serves as a Senior Managing Director in the Private Equity Group at EJF Capital.
The company plans to target businesses in the financial services industry with equity values of $1 billion or more where the sponsor has historically invested, including banking, insurance, asset management, specialty lending and real estate finance.
EJF Acquisition plans to list on the Nasdaq under the symbol EJFAU. UBS Investment Bank and Barclays acted as lead managers on the deal.
