Jaws Acquisition, a blank check company led by Starwood Capital founder Barry Sternlicht, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.
The Miami Beach, FL-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share and one third of a redeemable warrant, exercisable at $11.50. At the proposed deal size, Jaws Acquisition would command a market value of $500 million. The company is led by Chairman Barry Sternlicht, the founder and CEO of Starwood Capital, and CEO Joseph Dowling, who is currently the CEO of Brown University's endowment. The company has not specified an industry, but will not target an industry that is competitive with Starwood Capital which includes real estate, lodging, oil and gas and energy infrastructure.
The Miami Beach, FL-based company was founded in 2019 and plans to list on the NYSE, though it has not selected a symbol yet. Jaws Acquisition filed confidentially on February 5, 2020. Credit Suisse is the sole bookrunner on the deal.
