Blank check for a turnaround veteran: M III Acquisition files and sets terms for $175 million IPO

M III Acquisition, a blank check company formed by turnaround veteran Mohsin Meghji, announced terms for its IPO on Tuesday.

The New York, NY-based company plans to raise $175 million by offering 17.5 million units at a price of $10. At that price, M III Acquisition would command a market value of $224 million.

Meghji helped restructure subprime lender Springleaf (now OneMain, OMF) ahead of its 2013 IPO, serving as the EVP and Head of Strategy, as well as CEO of Springleaf's captive insurance companies.

M III Acquisition was founded in 2015 and plans to list on the Nasdaq under the symbol MIIIU. Cantor Fitzgerald is the sole bookrunner on the deal. It has not disclosed a pricing date.