SPAC SilverBox jumps on deal to take Black Rifle Coffee public

BRC

02/11/2021 13:50

(Updates)
    ** Shares of blank-check co  SBEA.O  up nearly 43% at $14.03
    ** Co to take Black Rifle Coffee Company (BRCC) public in
$1.7 bln deal  urn:newsml:reuters.com:*:nBwbYrmM3a
    ** SBEA third-most discussed stock on Stocktwits, a
trading-focused social media platform seen as a measure of
retail interest
    ** Salt Lake City, Utah-based BRCC was founded in 2014 by
former U.S. Green Beret soldier Evan Hafer
    ** Through its retail franchise, BRCC sells its product
through its website and via coffee shops; co also has a
wholesale arm
    ** When deal closes, BRCC will have up to $545 million of
capital, it says
    ** BRCC plans to reorganize as a public benefit corporation,
which means its board will be required to balance stockholder
interests with those of the society at large
    ** Co's founders, management and existing stockholders'
shares are subject to forfeiture based on performance, BRCC says
    ** BRCC expects 2021 revenue to grow nearly 40% to $230 mln
    ** SBEA raised $345 mln in a March IPO

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))