NEW YORK–(BUSINESS WIRE)–Modern Media Acquisition Corp. (NASDAQ: MMDMU) (the “Company”) today announced the completion of its initial public offering of 20,700,000 units, including 2,700,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds to the Company of $207,000,000. The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with a target company. The Company intends to seek a target company with an enterprise value of approximately $500 million to $1.5 billion. The proceeds of the offering will be used to fund such business combination.
The Company’s units began trading on the NASDAQ Capital Market (“NASDAQ”) under the ticker symbol “MMDMU” on May 12, 2017. Each unit consists of one share of the Company’s common stock, one right and one-half of one warrant. Each right entitles the holder thereof to receive one-tenth of one share of the Company’s common stock (without payment of additional consideration) upon the consummation of the Company’s initial business combination. Each whole warrant entitles the holder thereof to purchase one share of the Company’s common stock at $11.50 per share. The common stock, rights and warrants comprising the units will begin separate trading on the 52nd day following the date of the prospectus, unless Macquarie Capital allows earlier separate trading. Once the common stock, rights and warrants begin separate trading, they are expected to be listed on NASDAQ under the ticker symbols “MMDM,” “MMDMR” and “MMDMW,” respectively.
Macquarie Capital acted as sole bookrunner of the offering and EarlyBirdCapital, Inc., Cowen and Company, LLC and I-Bankers Securities, Inc. acted as co-managers of the offering.
A registration statement relating…