Emmis Launching ‘Blank Check’ Company

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Emmis Communications Corp. has formed a new company designed for the purpose of acquiring other businesses. The company has filed a prospectus with the U.S. Securities and Exchange Commission for Monument Circle Acquisition Corp., which it says intends to focus on potential acquisitions and mergers with companies in the media, technology, sports and entertainment sectors.
Monument Circle Acquisition is described as special purpose acquisition company, or SPAC, which the SEC says is a type of “blank check company” that is “created specifically to pool funds in order to finance a merger or acquisition opportunity within a set timeframe.”
In the SEC filing, the company says it is seeking to raise $200 million by selling 20 million units in an Initial Public Offering at $10 per unit. The company could grant underwriters a 45-day option to purchase up to an additional 3 million units.
The company says it intends to list its units on The Nasdaq Stock Market under the ticker symbol MONCU.
“Our management team…has established global relationships and has extensive experience in identifying and executing proprietary strategic investments in these sectors,” the company said in the prospectus. “We also expect to benefit from the investment partnership we have formed with Emmis Communications, the founding investor in our sponsor. We intend to leverage the skillsets of the management team and Emmis Communications and their network of relationships within these industries to identify the most attractive high-growth businesses within our areas of focus.”
Monument Circle Acquisition’s management team is comprised mainly of current Emmis executives, including Chief Executive Officer Jeff Smulyan and Chief Operating Officer Patrick Walsh. Among the company’s board of directors is former Indianapolis Mayor Stephen Goldsmith.