EG Acquisition, a blank check company formed by EnTrust Global and GMF Capital, raised $225 million by offering 22.5 million units at $10. The company offered 2.5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Millennium Management had indicated on up to 9.9% of units in the offering, and also has a forward purchase agreement with the company.
The company is led by CEO and Director Gregg Hymowitz, founder, Managing Partner, and CEO of investment firm EnTrust Global, and Chairman Gary Fegel, the founder and Chairman of GMF Capital. The company plans to leverage its management team's experience and target transportation and real assets, financial services, financial services technology, healthcare, real estate, and sustainability-focused businesses.
EG Acquisition plans to list on the NYSE under the symbol EGGFU. BTIG acted as a lead manager on the deal.
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