A subsidiary of B. Riley Financial Inc. in Woodland Hills has served as sole underwriter and book-running manager of a $125 million offering from Gordon Pointe Acquisition Corp., the company announced Thursday.
B. Riley FBR Inc. sold 12.5 million for Gordon Pointe, which is a special purpose acquisition company, or SPAC. Also called a “blank check company,” a SPAC is formed to raise money for the purpose of acquiring an existing business. In the case of Gordon Pointe, management plans to focus on companies in the financial technology sector.
Shares of Gordon Pointe are expected to trade on the Nasdaq under the symbol GPAQ, according to B. Riley FBR.
Shares of B. Riley (RILY) closed Thursday down 15 cents or less than 1 percent to $18.90 on the Nasdaq.