The blank check company Saban Capital Acquisition Corp., On friday announced the pricing of its initial public offering of 23, 500, 000 units at a price of $10.00 per unit. The units are listed on the NASDAQ Capital Market (SCACU).
Each unit consists of one Class A ordinary share and one-half of one warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.
The blank check company is formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
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Deutsche Bank Securities Inc. and Goldman, Sachs & Co. served as underwriters for the offering and have a 45-day option to purchase up to an additional 1, 500, 000 units at the IPO price to cover over-allotments.
Anerican-Israeli media mogul Haim Saban has personal fortune of $3.6 billion according to “Forbes.”
Globes says that the prospectus did not say that Saban Capital Acquisition would focus investments only on Israeli companies but hinted that they would form a major part of the new company’s investments, saying in a statement, “We may invest in any company in any sector but would prefer to invest in companies that can benefit from our management’s experience in investments in North America, Europe, Asia and Israel.”