OMAHA: Yellowstone Acquisition Company announced the closing of its initial public offering (IPO) of 12.5 million units at a price of $10 per unit, resulting in gross proceeds of $125 million.
The units began trading on the NASDAQ Stock Market LLC under the ticker symbol “YSACU” on October 22, 2020.
Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share.
After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NASDAQ under the symbols “YSAC” and “YSACW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
BOC Yellowstone LLC, a subsidiary of Boston Omaha Corporation (NASDAQ:BOMN), served as the sponsor for the Company’s initial public offering.
Wells Fargo Securities served as the sole book runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,875,000 units at the initial public offering price to cover over-allotments, if any.
Yellowstone Acquisition Company, led by Adam Peterson and Alex Rozek, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the homebuilding, manufacturing serving the homebuilding market, financial services and commercial real estate industries. www.yellowstoneac.com