26 Capital Acquisition, a blank check company formed by SpringOwl Asset Management targeting gaming and leisure, e-commerce, and consumer industries, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Miami, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, 26 Capital Acquisition will command a market value of $250 million.
The company is led by CEO and Chairman Jason Ader, who co-founded SpringOwl Asset Management in 2013 and currently serves as CEO. He is joined by CFO John Lewis, who has served as CFO of SpringOwl since 2018. 26 Capital Acquisition intends to focus on industries that align with the background of the sponsor and management. These industries include the gaming and gaming technology, branded consumer, lodging and entertainment, and Internet commerce sectors.
26 Capital Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ADERU. The company filed confidentially on September 23, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
