SPAC IPO FILING: PJSC Acquisition Corp.

PJSC Acquisition Corp. is another SPAC, or special purpose acquisition corporation, that has submitted an IPO filing to come public. The filing shows a target of $150 million from 15 million units at the usual $10.00 per unit. Each unit includes one share of common stock and one warrant with a strike price of $7.50. The proposed maximum aggregate amount raised in securities is listed as $301,875,000. The sole book-running manager is Banc of America Securities. Usually, SPAC IPO’s apply to list on the American Stock Exchange; however, likely due to recent NYSE and NASDAQ moves that could allow SPACs to trade on their exchanges, the IPO did not specify an exchange. It did specify the symbol, “U” and a 24 month deadline to complete a transaction. 

PJSC Acquisition Corp. intends to focus on North American retail, apparel and consumer goods, distribution, and healthcare although they are not limited to any particular industry. PJSC will utilize the talent, networks, and resources of Peter J. Solomon Company, an independent investment bank . To be specific, PJSC Acquisition Corp’s senior management is the senior management of Peter J. Solomon Company, including Peter J. Solomon and Kenneth Berliner. The bank has advised in over 100 completed transaction since 2002.

Rachel Lopez
March 10, 2008