Santa Monica-based Boxwood Merger Corp, led by the former COO of Los Angeles-based engineering services giant Aecom, raised roughly $200 million on its first day of trading Friday.
The company’s stock closed at $10 a share in its debut on the Nasdaq stock exchange under the symbol BWMCU. Nearly 6.2 million units traded.
The company, which is a “blank check company,” offered 20 million units for sale, priced at $10 per unit. Each unit will now consist of one share of common stock and one warrant exercisable at $11.50.
A blank check company is formed with the intent to merge or acquire other businesses.
Boxwood, which intends to focus its search on companies that provide technical and industrial services, is led by Chairman and CEO Stephen M. Kadenacy, CFO Daniel Esters and Chief Investment Officer Duncan Murdoch.
Kadenacy previously worked a decade with Aecom Technology Corp., which saw $18.2 billion in revenue in 2017. In his last two years, Kadenacy was president and chief operating officer.
According to a regulatory filing in June 2017, Aecom replaced Kadenacy with Randall Wotring, who had been promoted to the COO position from another part of the company. Kadenacy also was Aecom’s chief financial officer for four years, and a senior vice president of finance for three.
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.
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