SPAC Yellowstone Acquisition files to go public, to raise $200 million
Blank check company Yellowstone Acquisition Co. has filed to go public to raise $200 million. The Nebraska-based special purpose acquisition company (SPAC) said it is offering 20 million units at $10 per unit. Each unit will consist of one share of Class A common stock, and one-half of one warrant; a whole warrant entitles the holder to buy one Class A share for $11.50 each. The Class A shares are expected to list on the Nasdaq under the ticker symbol "YSU." Yellowstone's sponsor is a subsidiary of Boston Omaha Corp. (BOMN). Wells Fargo Securities is the sole bookrunner. SPACs raise money through an IPO (http://www.marketwatch.com/story/2020-is-the-year-of-the-spac-yet-traditional-ipos-offer-better-returns-report-finds-2020-09-04), then place it in a trust while the sponsor searches for a business or businesses to acquire, usually within a two-year period. The companies then complete what is in effect a reverse merger, as the combined company takes on the name of the acquiree. Yellowstone is looking to go public during a big year for SPACs, and a good year for IPOs, with the
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 25, 2020 15:30 ET (19:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.