Acies Acquisition, a blank check company targeting live, location-based, and mobile experiential entertainment, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Manhattan Beach, CA-based company now plans to raise $200 million by offering 20 million shares at a price of $10. The company had previously filed to offer 30 million shares at $10. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The units originally contained one-quarter warrants. At the revised deal size, Acies Acquisition will raise -33% less in proceeds than previously anticipated.
The company is led by Co-CEOs Daniel Fetters and Edward King, both of whom worked in investment banking at Morgan Stanley for 20 years and most recently served as Managing Directors, and Chairman James Murren, the former Chairman and CEO of MGM Resorts International. Acies Acquisition plans to target different types of experiential entertainment, varying from live, location-based venues to games played across mobile platforms.
Acies Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ACACU. Morgan Stanley, J.P. Morgan and Oppenheimer & Co. are the joint bookrunners on the deal.
