Panera is returning to the general public marketplaces with a upcoming IPO that will incorporate an financial commitment from a cafe-themed particular-reason acquisition firm (SPAC).
The SPAC, USHG Acquisition (HUGS), announced Tuesday it will be a “cornerstone partner” for an IPO of Panera Brands.
Panera Brands will go after a traditional IPO that will incorporate HUGS and its Chairman Danny Meyer as vital partners. Meyer will develop into the direct impartial director of Panera’s board of directors.
HUGS shareholders will be shareholders in Panera Brands immediately after the merger. Existing Panera Brands owner JAB Keeping will invest greenback-for-greenback in the Panera IPO any amounts redeemed by HUGS shareholders.
HUGS shareholders will be issued Panera Brands’ widespread stock at a ratio of $10 divided by the general public providing value of Panera Brands’ IPO.
HUGS warrants will develop into a warrant primarily based on Panera Brands’ widespread stock.
HUGS is a