Double Eagle Acquisition, a blank check company formed to acquire media or entertainment businesses, filed and set terms for an upcoming IPO on Thursday.
The Los Angeles, CA-based company plans to raise $400 million by offering 40 million units for $10 each. At that price, the SPAC would command a market value of $500 million. It may raise an additional $60 million in the over-allotment.
Units consist of one share of its Class A common stock and one warrant. Each warrant entitles the holder to purchase one-half of one share of Class A common stock at a price of $5.75 per half share. Double Eagle must acquire another business within 24 months from the IPO or return capital its investors.
The company, which was founded in 2015, plans to list on the Nasdaq under the symbol EAGLU. Deutsche Bank and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
