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Consumer-focused SPAC Brimstone Acquisition files for a $250 million IPO

March 11, 2021

Brimstone Acquisition, a blank check company targeting consumer products and industrial goods, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The Miami Beach, FL-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Brimstone Acquisition will command a market value of $313 million.

The company is led by Director Sir Martin Franklin, the Founder and CEO of Mariposa Capital and Chairman of Royal Oak Enterprises, and CEO and Chairman Michael Goss, who previously served as CFO of global media company Conde Nast and was CFO of Sotheby's prior to that. Martin Franklin is also Co-Chairman of blank check company N2 Acquisition (NTWO.U), which filed concurrently with Brimstone Acquisition. Brimstone Acquisition intends to focus on consumer products and industrial goods businesses with either all or a substantial portion of their activities in North America or Europe.

Brimstone Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BRIM.U. Citi, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal.