NEW YORK CITY—AR Capital has formed a new entity, AR Capital Acquisition Corp., a self-proclaimed “blank check company formed for the purposes of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.” The new firm has introduced an initial public offering of 30,000,000 units at $10.00 per unit.
Citigroup is acting as the sole book runner for the proposed offering. Ladenburg Thalmann, a subsidiary of Ladenburg Thalmann Financial Services Inc., is acting as co-manager for the proposed offering.
AR Capital Acquisition's efforts in identifying a prospective target business will be focused on—but not limited to—the asset management sector. The company's parent firm, an investment management concern, was co-founded in 2007 by Nicholas Schorsch and William Kahane.
The company intends to grant the underwriters a 45-day option to purchase up to 4,500,000 additional units to cover over-allotments, if any. Each unit issued in the initial public offering will consist of one share of the company's common stock and one-half of one warrant. Each whole warrant will entitle the holder to purchase one share of the Company's common stock at a price of $11.50 per share. The company has applied to list its units on the NASDAQ Capital Market under the symbol “AUMAU.”
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
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