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BlankCheck Firm Founded by Hollywood Exec Sagansky Files for 1.5B IPO

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Reuters Spinning Eagle Acquisition Corp, a blankcheck company founded by Hollywood executive Jeff Sagansky, on Wednesday filed to go public, seeking to raise up to 1.5 billion.

The company intends to have its units listed on the Nasdaq under the ticker SPNGU.

Sagansky, a former president of CBS Entertainment, along with Harry Sloan, an exchief executive officer of MetroGoldwynMayer, have taken companies like gaming firm Skillz Inc and sports betting platform Draftkings Inc public through special purpose acquisition companies SPACs.

SPACs are exchangelisted shell companies that raise money through initial public offerings and merge with firms by enticing them with shorter listing timelines. Such structures have raised a record total of more than 70 billion in the United States this year, making them one of the hottest Wall Street investment trends of 2020.

Reporting by Munsif Vengattil and Nishara Karuvalli Pathikkal in Bengaluru; Editing by Maju Samuel

Source Reuters

 

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