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.
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.
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.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Sloan, Sagansky Plan $1.5 SPAC
- Sloan Closes $1.7 Billion SPAC
- Flying Eagle Sets Deal for Mobile Gaming Company Skillz
- Diamond Eagle Bets on DraftKings, SBTech
- Diamond Eagle IPO lists at $10
- Hollywood Veterans Prepare to Take Diamond Eagle Public in IPO Debut
- Former Media Exec Harry Sloan Now Stars in the Hottest Sector in Finance
- SPAC Spree From 2020 Carries Into New Year