A homebuilder's blank check: Pulte Acquisition files and sets terms for a $70 million IPO

Pulte Acquisition, a blank check company focused on the construction and building products industry, announced terms for its IPO on Tuesday.
The Chicago, IL-based company plans to raise $70 million by offering 7.0 million units for $10. At that price, Pulte Acquisition would command a market value of $91 million. Insiders plan to invest $3 million in a concurrent private placement at $10 per unit. Units consist of one share of common stock and one-half of one warrant, exercisable as whole warrants at $11.50.
Pulte Acquisition plans to list on the Nasdaq under the symbol PLTEU. Chardan Capital Markets is the sole bookrunner on the deal.

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