Just Another SPAC Files for U.S. IPO (Really, That’s the Name)
(Bloomberg) -- With filings by blank-companies flooding in at a record pace, one new listing captures the spirit of the surge.
Just Another Acquisition Corp. filed on Tuesday with the U.S. Securities and Exchange Commission to raise $60 million for an acquisition in an unspecified sector.
Thirty trading days into the year, 145 new special purpose acquisition companies, or SPACs, have gone public in the U.S. -- an average of 4.8 per day. At this pace, it will take less than a month for the volume to surpass last year’s $83 billion, which is more than the previous decade combined, according to data compiled by Bloomberg.
Just Another Acquisition will look for targets with a valuation of $300 million to $1.0 billion including debt, according to its filing.
Philip Wagenheim, a former managing partner at Broadband Capital Partners LLC, is chief executive officer, chief financial officer and chairman of the SPAC.
Ladenburg Thalmann is the adviser of the offering. Just Another Acquisition seeks trade on the Nasdaq Capital Market under the symbol JAAC.
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