Heartland Media Acquisition, a blank check company formed by Heartland Media targeting media, entertainment, and sports, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Atlanta, GA-based company now plans to raise $175 million by offering 17.5 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. At the revised deal size, Heartland Media Acquisition will raise -13% less in proceeds than previously anticipated. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Robert Prather Jr., the founder and CEO of Heartland Media, CEO of Allen Media Broadcasting, and former COO of Gray Television. The company plans to target the media, entertainment, and sports sectors, focusing on businesses that generate stable revenue and cash flows, have defensible market positions, and have potential for additional synergistic M&A activity, among other characteristics.
Heartland Media Acquisition was founded in 2021 and plans to list on the NYSE under the symbol HMA.U. BofA Securities and Moelis & Company are the joint bookrunners on the deal.
