saying it plans to combine with “another target business” in the digital-media space. A SPAC is a kind of blank check holding company formed for the purpose of raising capital through an initial public offering for an acquisition, merger or other business combination.
GNAC is led by CEO and director Ben Lerer , who also serves as the CEO of Group Nine Media. Brian Sugar, president of Group Nine Media and former CEO of PopSugar, will be president and a director of GNAC, while Group Nine Media CFO Sean Macnew serves as chief financial officer of the SPAC. Group Nine said it is targeting the acquisition or merger with a company in the social media, e-commerce, events, and digital publishing and marketing sectors.
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