Banner Acquisition, a blank check company backed by Banner Ventures, filed on Thursday with the SEC to raise up to $150 million.
The Lehi, UT-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Banner Acquisition would command a market value of $188 million.
Banner Acquisition is led by Chairman Christopher Christensen, the co-founder and Executive Chairman of The Ensign Group (Nasdaq: ENSG), and CEO and Director Tanner Ainge, the Managing Partner of private investment firm Banner Ventures. The company plans to target businesses that have strong historical earnings and are essential to the US economy, focusing on those with enterprise values between $500 million and $2 billion. Target sectors include but are not limited to healthcare, education, and business services.
Banner Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol BNNRU. The company filed confidentially on March 31, 2021. BofA Securities is the sole bookrunner on the deal.
