B. Riley Principal Merger Corp. Closes $125 Million Initial Public Offering
April 11 2019 - 4:01PM
B. Riley Principal Merger Corp. (NYSE: BRPM.U) (the “Company”)
announced today it closed its initial public offering of 12,500,000
units. The offering was priced at $10.00 per unit, resulting in
gross proceeds of $125 million.
B. Riley Principal Merger Corp. is a blank check
company incorporated for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination with one or more businesses.
While the Company may pursue a business combination target in any
industry or geographic region, the Company intends to focus on
established businesses with an aggregate enterprise value of
approximately $300 million to $1 billion that would benefit from
access to public markets and the operational and strategic
expertise of the Company’s management team and board of
directors.
B. Riley FBR, Inc. acted as the sole
book-running manager. The Company has granted the underwriters a
45-day option to purchase up to an additional 1,875,000 units at
the initial public offering price to cover over-allotments, if
any.
The Company’s units began trading on the New
York Stock Exchange (“NYSE”) under the ticker symbol “BRPM.U” on
April 9, 2019. Each unit consists of one share of Class A common
stock and one-half of one redeemable warrant to purchase one share
of Class A common stock at a price of $11.50 per share. After the
securities comprising the units begin separate trading, the shares
of Class A common stock and the warrants are expected to be listed
on the NYSE under the symbols “BRPM” and “BRPM WS”, respectively.
No fractional warrants will be issued upon separation of the units
and only whole warrants will trade.
A registration statement relating to these
securities was declared effective by the U.S. Securities and
Exchange Commission (the “SEC”) on April 8, 2019.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The offering is being made only by means of a
prospectus. When available, copies of the prospectus relating to
this offering may be obtained from B. Riley FBR, Inc. at 299 Park
Avenue, New York, New York 10171, by telephone at (800) 846-5050 or
by email at prospectuses@brileyfbr.com.
Cautionary Note Concerning
Forward-Looking StatementsThis press release contains
statements that constitute “forward-looking statements,” including
with respect to the search for an initial business combination. No
assurance can be given that the proceeds of the offering will be
used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement for the initial public
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contacts
Investors:
Daniel Shribmandshribman@brileyfin.com(212)
457-3300
Media:
Jo Anne McCuskerjmccusker@brileyfin.com(646)
885-5425
SOURCE B. Riley Principal Merger Corp.
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