W.L. Ross Holding Corp. is coming public. This is a newly formed blank check company that is under Wilbur Ross, a very well-known private equity investor. The initial public offering (IPO) filing with the Securities and Exchange Commission is for up to 40 million units.

In the filing, it turns out that each unit will consist of one share of its common stock and one warrant to purchase one-half of one share of its common stock at an offering price of $10.00 per unit.

Deutsche Bank Securities and Bank of America Merrill Lynch will act as lead underwriters for the offering. W.L. Ross Holding expects to grant the underwriters a 45-day option to purchase up to an additional 6 million units to cover overallotments, if any, in the public offering.

The bank check company is a strategy we saw with many IPOs and mergers a few years ago, but they have not been as popular of late. W.L. Ross Holding was formed earlier in 2014 to seek a merger or other business combination with a target company. All proceeds from the offering will be used to fund the merger or business combination. These are also referred to in the industry as special purpose acquisition companies, or SPACs.

W.L. Ross Holding has applied to list its units on the Nasdaq stock market under the WLRHU stock ticker. Once the units begin separate trading, the common stock and warrants are expected to be listed on the Nasdaq stock market under the symbols WLRH and WLRHW, respectively.

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