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Forum Merger completes USD 150m initial public offering.

BANKING AND CREDIT NEWS-April 17, 2017-Forum Merger completes USD 150m initial public offering


Forum Merger Corporation (Nasdaq: FMCIU), a company formed for the purpose of entering into a merger, share exchange, asset acquisition or other similar business combination with one or more businesses or entities, has closed its initial public offering of 15,000,000 units at a price to the public of USD 10.00 per unit, with the offering raising gross proceeds of USD 150,000,000, the company said.

The units commenced trading on Friday, April 7, 2017. Each unit issued in the initial public offering consists of one share of Class A common stock, one half of one warrant, each whole warrant to purchase one share of Class A common stock at a price of USD 11.50 per share, and one right to receive one-tenth of a share of Class A common stock on the consummation of an initial business combination.

EarlyBirdCapital, Inc. acted as sole book-running manager and FBR, Chardan and I-Bankers Securities, Inc. acted as co-managers of the offering. Forum has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units to cover over-allotments, if any.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, USD 151,500,000 (or USD 10.10 per unit sold in the public offering) was placed in trust.

An audited balance sheet of the company as of April 12, 2017 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the company with the Securities and Exchange Commission.

Ellenoff Grossman & Schole LLP acted as counsel to the company and Graubard Miller acted as counsel to the underwriters.

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Publication:M2 Banking & Credit News (BCN)
Date:Apr 17, 2017
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