Marquee Raine Acquisition, a blank check company formed by The Raine Group and the Chicago Cubs' owner targeting the TMT industry, raised $325 million by offering 32.5 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50; the company originally filed with one-third warrants, but lowered to quarter warrants likely in a sign of demand.
Marquee Raine Acquisition is led by Co-CEOs Crane Kenney and Brett Varsov and Co-Chairmen Thomas Ricketts and Brandon Gardner. Kenney is the President of Business Operations for the Chicago Cubs, and Varsov is a Partner and Head of M&A at The Raine Group. Ricketts is currently the Executive Chairman of the Cubs, and Gardner is co-founder, Partner, and COO of The Raine Group.
The New York, NY-based company plans to list on the Nasdaq under the symbol MRACU. Credit Suisse acted as lead manager on the deal.
