Business Context and Reporting Period
This Form 8-K filing by One Madison Corporation (not Ranpak Holdings Corp.) reports the consummation of its initial public offering (IPO) on January 22, 2018. The company is an emerging growth company incorporated in the Cayman Islands.
Key Financial Metrics
- Gross IPO Proceeds: $300,000,000 from the sale of 30,000,000 units at $10.00 per unit.
- Private Placement Proceeds: $8,000,000 from the sale of 8,000,000 warrants at $1.00 per warrant.
- Total Funds in Trust: $300,000,000, comprising $294,000,000 of net IPO proceeds (including $10,500,000 deferred underwriting discount) and $6,000,000 from the private placement.
- Warrant Exercise Price: $11.50 per share.
- Operating Metrics: The filing text does not provide revenue, profit, cash flow, margins, or debt figures as this is a special purpose acquisition company (SPAC) IPO filing.
Material Changes
The primary material change is the transition from a private entity to a publicly traded company following the IPO. The company has established a trust account with Continental Stock Transfer & Trust Company to hold the proceeds pending a business combination.
Outlook and Risks
The filing does not contain specific management guidance, risk factors, or contingencies beyond the standard disclosure of the IPO structure and the placement of funds in a trust account. An audited balance sheet as of January 22, 2018, is included as Exhibit 99.1.
Investor Verification Checklist
- Verify the company name discrepancy: The filing is for One Madison Corporation, not Ranpak Holdings Corp.
- Review Exhibit 99.1 for the audited balance sheet reflecting the $300 million in trust.
- Confirm the terms of the deferred underwriting discount ($10.5 million).
- Examine the warrant terms, specifically the $11.50 exercise price and the 0.5 warrant per unit ratio.