Bluerock Acquisition II Completes $172.5 Million IPO
The blank-check company sold 17,250,000 units, including shares and warrants, after its underwriter exercised an option in full.
Bluerock Acquisition Corp. II closed a $172.5 million initial public offering, selling 17,250,000 units at $10 each. The total includes 2,250,000 units issued after the underwriter exercised its over-allotment option in full.
Each unit includes one Class A ordinary share and half of a redeemable warrant. Each whole warrant can be used to buy one share for $11.50. The units began trading on Nasdaq under BRRKU on September 25.
The company also closed a private placement of 5,812,500 warrants at $1 each, bringing in $5,812,500. It said $173,362,500 from the offering and the private placement was placed in trust.
Bluerock Acquisition II is a blank-check company formed to pursue a business combination. President and Chief Operating Officer Harrison Seideman said it intends to focus on companies at an inflection point in their growth that are seeking a strategic capital partner.
The Class A shares and warrants are expected to trade separately on Nasdaq under BRRK and BRRKW, respectively, once separate trading begins. BTIG acted as the offering’s sole book-running manager.
This article was produced with the help of AI technology.
Source: Yahoo Finance
