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The U.S. Securities and Exchange Commission has approved the initial public offering of Blockchain Moon Acquisition Corp (BMAC). The Florida-based special purpose acquisition company (SPAC) will list $100 million worth of shares for the IPO.
In its Form S-1 filing with the SEC in September, BMAC’s IPO will list 10 million units at $10.00 per share, according to Coindesk. The shares will be listed on Tuesday, October 19, on the Nasdaq Global Market with the ticker symbol “BMAQU.”
The IPO is expected to close by Thursday, October 21. Meanwhile, Chardan Capital Markets LLC of New York has been tapped as the sole book-running manager for BMAC’s offering.
The company also planning to “find the right target for the SPAC and execute a merger,” according to BMAC CEO Enzo Villani in an email to Coindesk. “We ... have been working on this for the past few months,” he added. “The SPAC is focused on merging with a growth-oriented company in the blockchain economy who is seeking capital and can leverage the public markets to scale their business.”
Based on its SEC filing, the blockchain firm is on the lookout for companies that have underexploited expansion opportunities or those with significant competitive advantages. BMAC said that expansion could be achieved through a combination of spotting attractive acquisition targets as well as accelerating organic growth.
“We intend to seek to identify companies with strong, public-ready management teams, with solid corporate governance and reporting policies that have the experience to execute successfully and create value for stakeholders,” BMAC wrote.
A special purpose acquisition company (SPAC) is a firm with now commercial operations on its own but is formed specifically for raising capital via an IPO, which will then be used to acquire or merge with an existing company. According to its website, BMAC is focused on acquiring high-grown blockchain firms in Europe, Asia, and North America.
