SPAC Yellowstone Acquisition files to go public, to raise $200 million

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Blank check company Yellowstone Acquisition Co. has filed to go public to raise $200 million. The Nebraska-based special purpose acquisition company (SPAC) said it is offering 20 million units at $10 per unit. Each unit will consist of one share of Class A common stock, and one-half of one warrant; a whole warrant entitles the holder to buy one Class A share for $11.50 each. The Class A shares are expected to list on the Nasdaq under the ticker symbol “YSU.” Yellowstone’s sponsor is a subsidiary of Boston Omaha Corp. . Wells Fargo Securities is the sole bookrunner. SPACs raise money through an IPO, then place it in a trust while the sponsor searches for a business or businesses to acquire, usually within a two-year period. The companies then complete what is in effect a reverse merger, as the combined company takes on the name of the acquiree. Yellowstone is looking to go public during a big year for SPACs, and a good year for IPOs, with the Renaissance IPO ETF rallying 65.2% year to date while the S&P 500 is gaining 2.3%.
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