B. Riley Principal 250 Merger, the fourth blank check company formed by diversified financial services firm B. Riley Financial, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, B. Riley Principal 250 Merger will raise -40% less in proceeds than previously anticipated.
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. 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.
