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.
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