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Alternative asset manager's SPAC EJF Acquisition files for a $250 million IPO

February 9, 2021

EJF Acquisition, a blank check company formed by EJF Capital targeting the financial services sector, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The Arlington, VA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, EJF Acquisition would command a market value of $313 million.

The company is led by Chairman Emanuel Friedman, co-founder, Co-CEO, and Co-CIO of EJF Capital and a founder and former Co-CEO of FBR; Vice Chairman Neal Wilson, co-founder and Co-CEO of EJF Capital; and CEO and Director Kevin Stein, who currently serves as a Senior Managing Director in the Private Equity Group at EJF Capital. The company plans to target businesses in the financial services industry with equity values of $1 billion or more.

EJF Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol EJFA.U. The company filed confidentially on January 14, 2021. UBS Investment Bank and Barclays are the joint bookrunners on the deal.