Universal Business Payment Solutions Acquisition (NASDAQ:LLAQ) is a blank check company was created with the intent to find a potential merger, asset acquisition, or reorganization. A blank check company is a company which was created without a specific business plan or whose business plan is to merge or acquire an unidentified company.
L&L Acquisition has not yet identified any business targets, but expects to look for a company or companies in the United States, particularly in the retail finance and payment solutions business. The management team has experience in these industries and hopes to acquire one or more companies from which it can build a platform in the payment processing industry. After this initial company or companies have been acquired, additional companies may be merged or acquired to expand on the platform.
The company's initial public offering of stock on the NASDAQ and occurred on May 9, 2011. The company offered 12M shares each for $6. The goal of the IPO was to raise $72M in total. The lead underwriter of the deal was EarlyBird Capital and Rodman & Renshaw Capital (RODM).