NEW YORK ( TheStreet) -- The delayed IPO of Crumbs Bake Shop, the New York City-based cupcake bakery and retail chain, is scheduled to close on April 21.
The deal to take Crumbs public through a merger with special-purpose acquisition firm 57th Street General Acquisition values the cupcake chain at $66 million, including $27 million in cash and $39 million in stock.
Crumbs owner Jason Bauer plans to use capital raised in the
A publicly traded Crumbs "will be a growth play" for investors, Michael A. Yoshikami, president and chief investment strategist at YCMNET Advisors, told TheStreet in January when reports of a Crumbs IPO first surfaced. He expects investor interest to be strong since Crumbs would represent one of the only ways to bet on the cupcake trend through an exchange-traded equity. Revenue is also likely to show strong growth, Yoshikami said, "but