Banner Acquisition, a blank check company backed by Banner Ventures targeting family-owned or founder-led businesses, raised $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.
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 in the healthcare, education, and business services sectors. The SPAC states that it plans to partner with family-owned or founder-led businesses and industry-leading, tenured management teams looking to maintain a significant ownership in the business, helping them with the transition into a public company.
The Lehi, UT-based company plans to list on the Nasdaq under the symbol BNNRU. BofA Securities acted as sole bookrunner on the deal.
