Ackrell SPAC Partners I Co. (ACKIU) is a NASDAQ listed special purpose acquisition company that completed its IPO on December 21, 2020. The Company was formed with the intent of entering into a merger with one or more businesses in the Fast Moving Consumer Package Goods industry with a focus on beverage & wellness products. We are led by an experienced management team with decades of consumer package goods experience along with a deep understanding of the hemp industry. We have raised a total of $138 million in capital through our IPO and can raise additional capital as required to effect the merger.
On December 23, 2021, we entered into a definitive business combination agreement with Blackstone Products, an innovative and design-driven company that is redefining the outdoor cooking experience with griddle cooking appliances and accessories. The transaction is expected to close in the second quarter of 2022 and Blackstone is expected to be listed on the Nasdaq under the new ticker symbol “BLKS.” Blackstone expects to receive up to $281 million in estimated gross transaction proceeds assuming no redemptions, which includes a PIPE of $31 million of common stock and $111 million of convertible notes due 2027.