Panera Bread is preparing to go public again through an initial public offering.

The sandwich chain also announced Tuesday it has secured an investment from Danny Meyer’s special purpose acquisition company, USHG Acquisition Corp. Shares of the SPAC climbed 9% in early trading on the news.

Meyer said he plans to invest in Panera once it’s public personally and through his SPAC. Special purpose acquisition companies have no assets but can use the proceeds from an IPO, combined with bank financing, to buy and take privately held consumer companies public. The investment in Panera is an unusual deal for a SPAC, which will exchange its shares for the sandwich chain’s stock and survive the merger with Panera’s subsidiary Rye Merger, according to regulatory filings.


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