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BET Founder Raises $125M In IPO Offering

 BETHESDA, MD - Robert L. Johnson, Chairman of The RLJ Companies and founder of Black Entertainment Television (BET), has just announced that RLJ Acquisition, Inc. (the “Company”) has successfully raised $125 million in its initial public offering. The Company sold 12.5 million units at $10.00 per unit, each unit consisting of one share of common stock and one warrant to purchase an additional share of common stock. The Company may sell up to an additional 1.875 million units at $10.00 per unit if the underwriters’ exercise their over-allotment option. The Company is a special purpose acquisition company (“SPAC”), also known as a blank check company, a publicly traded vehicle that will seek to acquire a privately-held operating company

Initially, the units will be the only security trading. The Company’s units began trading on the Over-the-Counter Bulletin Board quotation system under the ticker symbol “RLJAU” on February 22, 2011. The common stock and warrants comprising the units will begin separate trading on the 52nd day following February 22, 2011 (or such earlier number of days as the underwriters may permit), subject to the Company’s filing a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting its receipt of the gross proceeds of this offering and issuing a press release announcing when such separate trading will begin.

The lead underwriter for this offering is Lazard Capital Markets, with Ladenburg Thalmann & Co. Inc. acting as co-manager.

The Company intends to use the net proceeds from this offering to acquire one or more operating businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination as described in the prospectus.
 
 

STORY TAGS: BLACK NEWS, AFRICAN AMERICAN NEWS, MINORITY NEWS, CIVIL RIGHTS NEWS, DISCRIMINATION, RACISM, RACIAL EQUALITY, BIAS, EQUALITY, AFRO AMERICAN NEWS

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