Forum Merger IV, the fourth blank check company formed by SPAC veterans David Boris and Marshall Kiev, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by Co-CEOs Marshall Kiev and David Boris. Kiev is the founder and President of private investment firm MK Capital Partners, and previously served as Director of Cohen Private Ventures Chief of Staff at SAC Capital Advisors. Boris is the former Senior Managing Director and Head of Investment Banking at Pali Capital, and has been involved with 20 SPAC transactions as an advisor, investment banker and/or officer or board member. While the company has not selected a target industry, it plans to focus on North American- or Western European-based businesses with aggregate enterprise values between $500 million and $5+ billion.
The pair's previous SPACs include Forum Merger III (FIII; +3% from $10 offer price), which went public in August 2020 and has a pending merger agreement with EV maker Electric Last Mile; Forum Merger II, which went public in August 2018 and acquired vegetarian food company Ittella International in October 2020 to form Tattooed Chef (TTCF; +116%); and Forum Merger, which went public in April 2017 and merged with IT services provider ConvergeOne in February 2018, which was acquired by CVC Capital Partners in January 2019 for $12.50 per share.
Forum Merger IV plans to list on the Nasdaq under the symbol FMIVU. Jefferies acted as a lead manager on the deal.
