Modern Media Acquisition Corp. Announces Closing of Initial Public Offering
17 Maio 2017 - 4:00PM
Business Wire
Modern Media Acquisition Corp. (NASDAQ: MMDMU) (the “Company”)
today announced the completion of its initial public offering of
20,700,000 units, including 2,700,000 units issued pursuant to the
full exercise by the underwriters of their over-allotment option.
The offering was priced at $10.00 per unit, resulting in gross
proceeds to the Company of $207,000,000. The Company is a blank
check company formed for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, reorganization,
recapitalization or other similar business combination with a
target company. The Company intends to seek a target company with
an enterprise value of approximately $500 million to $1.5 billion.
The proceeds of the offering will be used to fund such business
combination.
The Company’s units began trading on the NASDAQ Capital Market
(“NASDAQ”) under the ticker symbol “MMDMU” on May 12, 2017. Each
unit consists of one share of the Company’s common stock, one right
and one-half of one warrant. Each right entitles the holder thereof
to receive one-tenth of one share of the Company’s common stock
(without payment of additional consideration) upon the consummation
of the Company’s initial business combination. Each whole warrant
entitles the holder thereof to purchase one share of the Company’s
common stock at $11.50 per share. The common stock, rights and
warrants comprising the units will begin separate trading on the
52nd day following the date of the prospectus, unless Macquarie
Capital allows earlier separate trading. Once the common stock,
rights and warrants begin separate trading, they are expected to be
listed on NASDAQ under the ticker symbols “MMDM,” “MMDMR” and
“MMDMW,” respectively.
Macquarie Capital acted as sole bookrunner of the offering and
EarlyBirdCapital, Inc., Cowen and Company, LLC and I-Bankers
Securities, Inc. acted as co-managers of the offering.
A registration statement relating to these securities has been
filed with and was declared effective by the Securities and
Exchange Commission on May 11, 2017.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer or
sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The offering is being made only by means of a prospectus. Copies
of the prospectus may be obtained from Macquarie Capital, Attn:
Syndicate Department, 125 West 55th Street, L-22, New York, New
York 10019, telephone: 212-231-0440, or by emailing:
MacquarieEquitySyndicateUSA@macquarie.com; EarlyBirdCapital, Inc.,
Attn: Jillian Carter, Syndicate Department, 366 Madison Avenue, 8th
Floor, New York, New York 10017, telephone: 212-661-0200, or by
emailing: jcarter@ebcap.com; Cowen and Company, LLC c/o Broadridge
Financial Services., Attn: Prospectus Department, 1155 Long Island
Avenue, Edgewood, New York 11717, or by telephone: (631) 274-2806;
and I-Bankers Securities, Inc., Attn: Chris Nash, 535 5th Avenue,
4th Floor, New York, New York 10017, telephone: 214-687-0020, or by
emailing: Chris@ibsgroup.net.
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements are statements other
than historical fact, and may include statements regarding Modern
Media Acquisition Corp.’s (“Modern Media” or the “Company”)
expectations, beliefs, intentions or strategies regarding future
actions or events, including the Company’s ability to acquire an
operating company and thereafter successfully operate any acquired
company and the Company’s ability to identify and effect a
combination with a target with the desired enterprise value. The
forward-looking statements contained in this press release are
based on Modern Media’s current expectations and beliefs concerning
potential future developments and events, and their potential
effects on Modern Media. There can be no assurance that any such
future developments or events affecting Modern Media will be those
that it has anticipated. Forward-looking statements involve a
number of risks, uncertainties (some of which are beyond Modern
Media’s control) or other assumptions that may cause actual results
or performance to be materially different from those expressed or
implied by these forward-looking statements, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the Company’s initial public offering
filed with the U.S. Securities and Exchange Commission (“SEC”).
Copies are available on the SEC’s website, www.sec.gov. Modern
Media undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517006180/en/
Modern Media Acquisition Corp.Lewis W. Dickey, Jr.President and
Chief Executive Officerldickey@modernmediaco.com
Modern Media Acquisition (NASDAQ:MMDMU)
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