SPAC Alert: BPW Acquisition Corp. Begins Trading (BPW, BPW.U)

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BPW Acquisition Corp., a SPAC or special purpose acquisition corporation, was listed by the American Stock Exchange this morning under the symbol “BPW.u”.  The gross proceeds for the offering are $350 million off of 35 million shares at $10 per unit. Based on the IPO filing, one unit consists of one share of common stock and one warrant.

The lead underwriter is listed as Citigroup Global Markets.  This SPAC intends to target financial or business service industries but is not limited to these industries by policy. The CEO, President, and Chairman of the Board, Michael Martin, has high level experience at UBS and Credit Suisse.

This SPAC has dipped in its debut down to $9.79 and had traded roughly 10 million units as of 11:30 AM EST.

Rachel Lopez
February 27, 2008