Lamar Advertising Launching Corporate-Sponsored SPAC

Lamar Partnering Corporation

BATON ROUGE, La., April 06, 2021 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) announced today that Lamar Partnering Corporation (“LPC”), a newly formed special purpose acquisition company and an indirect wholly-owned subsidiary of Lamar Advertising Company (“Lamar”), has filed a Registration Statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”) in connection with a proposed initial public offering of its units.

LPC plans to search for a partner at the intersection of the out-of-home advertising, technology and communications sectors. ‎It is the intent of LPC that any such partner will not compete with Lamar’s REIT-focused ‎acquisition strategy.‎

The proposed public offering is expected to have a base offering size of $300 million, or up to $345 million if the underwriters’ over-allotment is exercised in full. Under the terms of the proposed public offering, Lamar, through an indirect wholly owned subsidiary (the “Sponsor”), would own approximately 20% of LPC’s issued and outstanding ordinary shares upon the consummation of the offering and the Sponsor expects to commit to acquire $100 million of forward purchase units (each consisting of one share of LPC’s Class B ordinary shares and one-fourth of one warrant to purchase one share of LPC’s Class A ordinary shares) pursuant to a forward purchase agreement that would close substantially concurrent with the consummation of LPC’s initial business combination. Lamar’s ownership interest in LPC will consist primary of Class B ordinary shares following the consummation of LPC’s initial business combination.

LPC will be managed by members of Lamar’s management team, including Ross Reilly, Lamar’s Vice President of Mergers and Acquisitions and Business Analytics, who will serve as LPC’s Chief Executive Officer.

Lamar is a Real Estate Investment Trust that operates more than 357,500 billboard, interstate logo, transit and airport advertising displays across the United States and Canada, including more than 3,600 large-format digital displays.

LPC expects to apply to list the units to be issued in the public offering with the Nasdaq Stock Market to trade under the ticker symbol “LPCXU.” Each such unit will consist of one share of LPC’s Class A ordinary shares and one-fourth of one warrant to purchase one share of LPC’s Class A ordinary shares, which, once separated, are expected to trade under the ticker symbols “LPC” and “LPCXW,” respectively.