Group Nine Media revealed last month that it was creating a Spec (short for Special Purpose Corporation) to raise funds for the acquisition.
The company has now moved forward with these plans, announcing last night that it has set the price of SPAC’s IPO at 10 10 per unit, to raise a total of 200 200 million. It is now trading under the GNACU symbol on the Nasdaq. Eastern shares rose 6.55% by 2:53 p.m. (Finally, Class A common stock will be listed as GNAC and warrants will be listed separately as GNACW.) The offer is expected to close on January 20. ۔
Equation Corporation, like Group Nine itself, is headed by CEO Ben Lear (pictured above). Immigration Capital Partner Richard D. Parsons and Reddit Chief Operating Officer Jane Wong are also on the board of directors.
Group Nine was launched in 2016 with Discovery Backers, Thriller, Notes, Dudu and Seker. He then acquired Popsugar, whose co-founder Brian Sugar became president of both Group Nine and now Group Nine Acquisition Corporation.
Specs, also known as blank check corporations, have become an increasingly popular way for companies to raise money from public markets. In its initial filing, Group Nine said it would use the funds for the purpose of influencing mergers, acquisitions of capital stock exchanges, acquisitions, stock purchases, restructuring or similar business mergers.