Global Brands Acquisition Corp. said it completed its initial public offering, selling 28.8 million units at $10 each, generating $287.5 million, the company said Wednesday.
Each unit consists of one share of common stock and one warrant. The offering was led by Citigroup. Ladenburg Thalmann & Co. Inc. and I-Bankers Securities Inc. acted as co-managers.
In a statement, Global Brands Acquisition said separate "trading of the common stock and warrants underlying the units will commence on Dec. 18."
The common stock and warrants will be listed on the American Stock Exchange under the tickers "GQN" and "GQN.WS," respectively. The units not separated will trade under the ticker "GQN.U."
Separately, the company said 5 million warrants were sold for $5 million in a private sale to JLJ Partners LLC.
JLJ Partners is owned by Global Brands Acquisition chief executive officer Joel J. Horowitz, chairman Lawrence S. Stroll and president John D. Idol. "The warrants are identical to the warrants included in the units sold in the initial public offering except that the warrants are exercisable on a cashless basis and will not be redeemable by the company so long as they are held by the purchaser or its permitted transferees," Global Brands Acquisition said in its statement.
Global Brands is a newly formed company that operates to acquire businesses or assets through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive