Emmis Acquisition Corp. Announces the Closing of $115,000,000 Initial Public Offering

Rhea-AI Summary

Emmis Acquisition Corp. (NASDAQ: EMISU) has successfully completed its initial public offering (IPO) of 11,500,000 units at $10.00 per unit, raising gross proceeds of $115 million. Each unit comprises one Class A ordinary share and one Share Right to receive 1/10th of a Class A ordinary share upon business combination completion.

The units began trading on Nasdaq on September 25, 2025, under "EMISU". The Class A ordinary shares and Share Rights will later trade separately under "EMIS" and "EMISR". The company, led by CEO Peter Goldstein and CFO David Lowenstein, is a blank check company focusing on industrial services, manufacturing, transportation, distribution, and technology sectors.

Positive

• None.

Negative

• No specific acquisition target identified yet
• Investors face uncertainty until business combination is completed
• Share Rights dilution of 10% upon business combination

Insights

Financial Analyst

Emmis Acquisition Corp. successfully launches $115M SPAC focused on industrial sectors with standard terms and complete overallotment exercise.

This $115 million SPAC IPO represents a sizeable new blank check entry in the market, with Emmis Acquisition Corp. now hunting for acquisition targets primarily in industrial services, manufacturing, and transportation sectors. The full exercise of the $15 million overallotment option signals strong initial demand from institutional investors despite the challenging SPAC market conditions we've seen in recent quarters.

The offering follows the standard SPAC structure with $10.00 per unit pricing and the increasingly common 1/10 share right structure (rather than traditional warrants). This structure somewhat reduces potential dilution compared to traditional SPAC warrant offerings while still providing investors upside incentive. The 100% of proceeds being placed in trust aligns with current market expectations for investor capital protection.

With industrial services and manufacturing as target sectors, Emmis positions itself in spaces with tangible assets and established business models rather than speculative growth sectors. Their management team brings experience but lacks the star power or sector-specific credentials we've seen in premium-valued SPACs. I-Bankers Securities isn't among the top-tier SPAC underwriters, potentially indicating a more modest profile among the current SPAC cohort.

This offering comes amid a selective SPAC market where fewer vehicles are successfully reaching IPO, suggesting Emmis managed to thread the needle on investor appetite. With 24 months likely available to complete a business combination (standard SPAC timeframe), management now faces the critical challenge of identifying and executing an attractive acquisition to avoid liquidation.

Each Unit Includes One Class A Ordinary Share and
One Share Right to Receive 1/10th of a Class A Ordinary Share

New York, NY, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Emmis Acquisition Corp. (the “Company”) (Nasdaq: EMISU) announced today the closing of its initial public offering of 11,500,000 units at a price of $10.00 per unit, including 1,500,000 units sold pursuant to the full exercise of the underwriter’s over-allotment option. The offering resulted in gross proceeds of $115,000,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) on September 25, 2025, under the ticker symbol “EMISU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. An amount equal to $10.00 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “EMIS” and “EMISR,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus on industrial and business services, manufacturing, transportation, and/or distribution and/or technology sectors.

The Company’s management team is led by Peter Goldstein, its Chief Executive Officer and Director, and David Lowenstein, its Chief Financial Officer and Director. In addition, the Board includes Anna C Mallon, Low Koon Poh and Seth Farbman.

I-Bankers Securities, Inc. and IB Capital LLC are acting as book-running managers for the offering.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on September 24, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Emmis Acquisition Corp.

Investor Relations

Allison Tomek

Equilitix

allison@equilitix.com

FAQ

What is the IPO price and structure of Emmis Acquisition Corp. (NASDAQ: EMISU)?

Emmis Acquisition Corp. priced its IPO at $10.00 per unit, with each unit containing one Class A ordinary share and one Share Right to receive 1/10th of a Class A ordinary share upon business combination.

How much money did Emmis Acquisition Corp. raise in its IPO?

Emmis Acquisition Corp. raised $115 million in gross proceeds through the offering of 11,500,000 units, including the full exercise of the underwriter's over-allotment option.

What sectors is Emmis Acquisition Corp. targeting for business combination?

The company is targeting businesses in industrial and business services, manufacturing, transportation, distribution, and technology sectors.

Who are the key executives leading Emmis Acquisition Corp.?

The company is led by Peter Goldstein as CEO and Director, and David Lowenstein as CFO and Director.

What are the trading symbols for Emmis Acquisition Corp.'s securities?

The units currently trade as EMISU. After separation, the Class A ordinary shares and Share Rights will trade under EMIS and EMISR respectively.