Yellowstone Acquisition, a blank check company formed by Boston Omaha Corp, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Omaha, Nebraska-based company plans to raise $200 million by offering 20 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, Yellowstone would command a market value of $250 million.
The company is led by Co-CEOs and Co-Chairmen Adam Peterson and Alex Rozek, who both serve as the Co-Chairs and Co-CEOs for Boston Omaha Corp (Nasdaq: BOMN). The share price of Boston Omaha, which owns billboards and provides surety insurance, closed Thursday at $15.11, down 28% year-to-date, but still 16% above its June 2017 IPO price. Its SPAC plans on targeting a company in the US with operations in the homebuilding, manufacturing related to homebuilding, financial services, and the commercial real estate industries.
Yellowstone Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol YSU. The company filed confidentially on September 10, 2020. Wells Fargo Securities is the sole bookrunner on the deal.
