Investment bank B. Riley Financial Inc. (BRY) has registered its second special purpose acquisition company after the first one closed a $414 million deal.

B. Riley Principal Merger Corp. II filed its draft registration last month and the registration went official April 23. The SPAC hopes to raise $230 million to chase an acquisition with an enterprise value of $400 million to $1 billion.

B. Riley’s first SPAC, B. Riley Principal Merger Corp., completed a business combination with Alta equipment Group Inc. (ALTG) in February.

The Los Angeles-based investment bank became the first SPAC to register since Covid-19 put the IPO market into a cold snap. The new SPAC is also part of a recent trend that has investment bank moving beyond their traditional roles as underwriters for special purpose acquisition IPOs into sponsoring the vehicles.

Over the last 18 months Goldman Sachs & Co. (GS), Chardan Capital Markets LLC along with Roth Capital Partners LLC and Craig-Hallum Capital Group LLC have all backed their own SPACs.

B. Riley’s latest SPAC entry has some commonality with its initial vehicle.

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