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Liberty Media-backed SPAC prices IPO at $10 apiece to raise $500 million

By Reuters Staff
1 Min Read
(Reuters) - Liberty Media Acquisition Corporation (LMAC), a blank-check company backed by Formula One-owner Liberty Media Corp, said on Thursday it priced its initial public offering (IPO) at $10 a share to raise $500 million.
The special acquisition purpose company (SPAC), which is due to begin trading on the Nasdaq on Friday under the symbol “LMACU”, sold 50 million shares in its U.S. IPO.
SPAC - shell companies that raise money in an IPO to buy another company - was looking for a target in the media, music, entertainment, communications and technology industries.
Several high-profile investors such as Bill Ackman and Michael Klein raised billions through their SPACs last year. ....

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Liberty Media Acquisition Corporation Announces Pricing of $500,000,000 Initial Public Offering

Liberty Media Acquisition Corporation Announces Pricing of $500,000,000 Initial Public Offering
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