Sports Entertainment Acquisition, a blank check company formed by former NFL and NHL executives targeting the sports and entertainment sectors, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The North Palm Beach, FL-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Sports Entertainment Acquisition would command a market value of $438 million.
The company is led by Chairman and CFO Eric Grubman, who most recently served as Chairman of premium experiential hospitality business On Location Experiences, which was acquired by Endeavor this past January. Grubman previously held various roles with the NFL, most recently EVP of Business Operations. CEO John Collins most recently served as CEO of On Location Experiences, and before that, served as COO of the NHL and CEO of the Cleveland Browns NFL team.
The company plans to target the sports and entertainment sectors, as well as the technology and services that are associated with these verticals, such as media, ticketing, payments processing, entertainment travel, gaming, loyalty programs, and others.
Sports Entertainment Acquisition was founded in 2020 and plans to list on the NYSE under the symbol SEAH.U. The company filed confidentially on August 28, 2020. Goldman Sachs and PJT Partners are the joint bookrunners on the deal.
