SilverBox Engaged Merger I, a blank check company formed by SilverBox Capital and Engaged Capital, raised $300 million by offering 30 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 may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with Engaged Capital.
The company is led by Executive Chairman Joseph Reece and CEO Stephen Kadenacy, who are 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 plans to target a variety of industries including edge computing and 5G technologies; health, wellness, and food sustainability; and financial technology and financial services, among others. It plans to focus on businesses with aggregate enterprise values in excess of $1 billion.
SilverBox Engaged Merger I plans to list on the Nasdaq under the symbol SBEAU. Citi and Deutsche Bank acted as lead managers on the deal.
