Tekkorp Digital Acquisition, a blank check company formed by Tekkorp Capital targeting the digital media and leisure industries, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Las Vegas, NV-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Insiders intend to purchase $20 million worth of units in the offering. At the revised deal size, Tekkorp Digital Acquisition will raise -17% less in proceeds than previously anticipated
The company is led by CEO and Director Matthew Davey, founder of Tekkorp Capital and former CEO of NYX Gaming Group, and Chairman Morris Bailey, the owner of Resorts Atlantic City. The company plans to target businesses in digital media, sports, entertainment, leisure, or gaming industries.
Tekkorp Digital Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol TEKKU. Jefferies is the sole bookrunner on the deal. It is expected to price during the week of October 19, 2020.
