B. Riley Principal 250 Merger, the fourth blank check company formed by diversified financial services firm B. Riley Financial, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, B. Riley Principal 250 Merger will command a market value of $320 million.
The company is led by CEO, CFO, and Director Daniel Shribman and Chairman Bryant Riley, who serve as CIO and co-CEO of B. Riley Financial (Nasdaq: RILY), respectively. The firm's previous SPACs include B. Riley Principal 150 Merger (BRPMU; +6% from $10 offer price), which raised $150 million earlier this month, B. Riley Principal Merger II, which completed its acquisition of Eos Energy Enterprises (EOSE; +119%) in November 2020, and B. Riley Principal Merger, which completed its acquisition of Alta Equipment (ALTG; +10%) in February 2020.
While it hasn't identified a particular target industry or geography, B. Riley Principal 250 Merger intends to focus on established businesses that have an aggregate enterprise value of approximately $800 million to $2 billion and would benefit from access to public markets and the operational and strategic expertise of the management team and board of directors.
B. Riley Principal 250 Merger was founded in 2020 and plans to list on the Nasdaq under the symbol BRIVU. B. Riley FBR is the sole bookrunner on the deal.
