(Reuters) - A blank-check firm backed by James Murren, former chief executive officer of MGM Resorts International MGM.N, is looking to raise up to $300 million in its initial public offering, its regulatory filing showed on Monday. (bit.ly/34kVq6I)
Acies Acquisition Corp is offering 30 million units at $10 apiece. Each unit represents one ordinary share and one-quarter of a redeemable warrant. Each whole warrant gives the holder the right to buy one ordinary share at $11.50.
Murren stepped down from his role as CEO of MGM Resorts earlier this year before the expiration of his contract.
A blank-check firm, also known as a special purpose acquisition company (SPAC), is a shell company that uses IPO proceeds to buy another company, in a deal that takes the private company public. High-profile investors like Bill Ackman, Michael Klein and Chamath Palihapitiya have raised billions through their SPACs this year.
Morgan Stanley, JPMorgan Chase & Co and Oppenheimer & Co are the underwriters for the offering.
Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel
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October 05, 2020 at 05:39PM
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Blank-check firm backed by former MGM Resorts CEO looks to raise $300 mln via IPO - Reuters
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