B. Riley Principal 150 Merger, the third blank check company formed by diversified financial services firm B. Riley Financial, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO, CFO, and Director Daniel Shribman ?and Chairman Bryant Riley, who serve as CIO and co-CEO of B. Riley Financial (Nasdaq: RILY), respectively. While it hasn't identified a particular target industry or geography, B. Riley Principal 150 Merger intends to focus on established businesses that have an aggregate enterprise value of approximately $300 million to $1 billion and would benefit from access to public markets and the operational and strategic expertise of the management team and board of directors.
The firm's previous SPACs include May 2020 IPO B. Riley Principal Merger II, which completed its acquisition of Eos Energy Enterprises (EOSE; +132% from $10 offer price) in November 2020, and April 2019 IPO B. Riley Principal Merger, which completed its acquisition of Alta Equipment (ALTG; +3%) in February 2020.
B. Riley Principal 150 Merger plans to list on the Nasdaq under the symbol BRPMU. B. Riley FBR acted as a lead manager on the deal.
