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NEW YORK, Jan. 20, 2021 /PRNewswire/ Group Nine Acquisition Corp. ( GNAC or the Company ), announced today the closing of its initial public offering of 23,000,000 units which included the full exercise of the underwriters over-allotment option, at a price of $10.00 per unit, resulting in aggregate gross proceeds of $230,000,000.
GNAC is a newly organized, blank check company formed by Group Nine Media, Inc. for the purpose of carrying out a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
The units began trading on the Nasdaq Capital Market ( Nasdaq ) under the ticker symbol GNACU on January 15, 2021. Each unit consists of one share of GNAC s Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 pe
Group Nine Media raises US$200m for merger via IPO
January 18, 2021 10:23
by MUMBRELLA STAFF
Group Nine Media, which owns digital brands including Thrillist, Popsugar, NowThis, Dodo and Seeker, has announced a US$200 million Initial Public Offering via its special purpose acquisition company.
The offering for Group Nine’s blank check holding company will be priced at US$10 per unit for an initial 20 million units, and Group Nine plans to combine its operations with another, as yet unnamed business in the digital media space.
It’s now trading on Nasdaq under the ticker symbol GNACU; the offering is expected to close on 20 January.
Group Nine Set to Go Public Friday, Prices $200 Million IPO Through Blank-Check Company lmtonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lmtonline.com Daily Mail and Mail on Sunday newspapers.
Group Nine’s SPAC goes public
Group Nine Media revealed last month that it was forming a SPAC (short for special purpose acquisition corporation) in order to raise money for acquisitions.
The company has now moved forward with those plans, announcing last night that it had priced the SPAC’s IPO at $10 per unit, to raise a total of $200 million. It’s now trading on Nasdaq under the ticker symbol GNACU; as of 2:53 p.m. Eastern shares were up 6.55%. (Eventually, the Class A common stock will be listed as GNAC and warrants will be listed separately as GNACW.) The offering is expected to close on January 20.
Expect more SPAC offerings in 2021
The digital publisher of Thrillist, The Dodo and other sites seeks to raise $200 million.
Group Nine Media January 15, 2021
Digital media publisher Group Nine Media, whose brands include Thrillist, NowThis, The Dodo and Seeker, is readying itself for a buying spree.