Benzinga | Aug 18, 2020 07:46PM EDT

Forum Merger III Corporation Prices 25M Unit IPO @$10/Unit

Forum Merger III Corporation (NASDAQ:FIII) announced today that it priced its initial public offering of 25,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "FIIIU" beginning August 19, 2020. Each unit consists of one share of the Company's Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "FIII" and "FIIIW," respectively. The offering is expected to close on August 21, 2020.

The Company is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies with an aggregate enterprise value of approximately $500 million to $2 billion that are based in the United States. The Company is led by Co-Chief Executive Officers Marshall Kiev and David Boris.

Jefferies LLC is acting as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.