Veteran investors and former media executives Harry Sloan and Jeff Sagansky are looking to raise their largest special purpose acquisition company, or SPAC, yet. 

According to a regulatory filing, Spinning Eagle Acquisition Corp. will seek to raise $1.5 billion in a public offering under the ticker SPNG. 

Like all SPACs, the stock will be priced at $10 per share. Each share will also include one-fifth of a warrant to purchase stock at $11.50 per share.
 
SPACs are investment vehicles created to raise capital from public investors. The entities, which are sometimes referred to as blank-check companies, have no operations of their own. Managers use funds collected from a SPAC public offering to target a company looking to go public through a reverse merger transaction.
 
The approach has taken off over the last year, rapidly moving from the fringes of the finance ecosystem into the mainstream.
 
Spinning Eagle will be Sloan and Sagansky’s seventh SPAC. If the full target amount is raised, it will be the largest by a significant margin. 

In 2011, the pair raised $190 million for Global Eagle Acquisition Corp., followed by $325 million for Silver Eagle Acquisition Corp. in 2013, $500 million for Double Eagle Acquisition Corp. in 2015 and $325 million for Platinum Eagle Acquisition Corp. three years later.
 
Sloan and Sagansky’s most significant SPAC deals to date involved their fifth and sixth vehicles, Diamond Eagle Acquisition Corp. and Flying Eagle Acquisition Corp. 

Although Diamond Eagle only raised $400 million in its IPO, the subsequent merger with sports betting company DraftKings Inc. made it one of the most successful L.A. SPACs on record. DraftKings' share price was up over 140% between its April listing and the end of 2020.
 
Flying Eagle, which raised $690 million in its public offering, merged with mobile esports company Skillz Inc. in December. The company’s share price was up just under 12% at the end of 2020, but many expect further upside in the future relating to broader tailwinds in the video game and esports sectors.