Renaissance Capital logo

Boston Omaha's SPAC Yellowstone Acquisition lowers deal size by 25% ahead of $150 million IPO

October 9, 2020

Yellowstone Acquisition, a blank check company formed by Boston Omaha Corp. targeting the financial and real estate sectors, lowered the proposed deal size for its upcoming IPO on Friday.

The Omaha, NE-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at $10. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Yellowstone Acquisition will raise -25% less in proceeds than previously anticipated.

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 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 YSACU. Wells Fargo Securities is the sole bookrunner on the deal.