Double Eagle Acquisition, a blank check company formed to acquire media or entertainment businesses, raised $480 million by offering 48 million units at $10. It commands a market cap of $580 million. The blank check company could raise additional capital through the underwriter overallotment. Double Eagle Acquisitions had originally set terms to raise $400 million by offering 40 million units.
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.
Double Eagle Acquisition plans to list its units on the Nasdaq under the symbol EAGLU. Deutsche Bank and BofA Merrill Lynch acted as lead managers on the deal.
