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Emmis Communications' SPAC Monument Circle Acquisition prices upsized $218 million IPO

January 14, 2021

Monument Circle Acquisition, a blank check company formed by Emmis Communications targeting media and entertainment, raised $218 million by offering 21.8 million units at $10. The company offered 1.8 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Jeffrey Smulyan, who founded Emmis Communications (Nasdaq: EMMS) in 1979 and serves as CEO and Chairman. He is joined by CFO Ryan Hornaday and COO and Director Patrick Walsh, who serve in the same respective roles at Emmis Communications. Monument Circle Acquisition plans to capitalize on its management's expertise and focus on businesses in the media, technology, sports, and entertainment sectors.

Monument Circle Acquisition plans to list on the Nasdaq under the symbol MONCU. Cantor Fitzgerald and Moelis & Company acted as lead managers on the deal.