Spinning Eagle Acquisition, the seventh blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan, filed on Wednesday with the SEC to raise up to $1.5 billion in an initial public offering.
The Los Angeles, CA-based company plans to raise $1.5 billion by offering 150 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Spinning Eagle Acquisition would command a market value of $1.9 billion.
The company is led by CEO and Chairman Harry Sloan, who previously served as CEO of Metro-Goldwyn-Mayer, and CFO and President Eli Baker, who is a Partner at Eagle Equity Partners. SPAC veteran Jeff Sagansky is the company's founding investor and a member of the sponsor.
While the company has not selected a target industry or geography, it plans to target businesses that will benefit from its management team's experience. Additionally, if Spinning Eagle chooses not to use all of the proceeds held in the trust account for its initial business combination, it will have the ability to rightsize its trust account by allocating a portion to a new blank check company (SpinCo) and spinning it off as an independent, publicly-traded SPAC.
The group's most recent SPACs include Flying Eagle Acquisition, which went public in March 2020 and recently completed its acquisition of mobile esports platform Skillz (SKLZ; +96% from $10 offer price), and Diamond Eagle Acquisition, which went public in May 2019 and completed its merger with SBTech and DraftKings (DKNG; +439%) in April 2020.
Spinning Eagle Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SPNGU. The company filed confidentially on October 30, 2020. Goldman Sachs is the sole bookrunner on the deal.
