Oyster Enterprises Acquisition, a blank check company led by executives from hedge fund Alden Global targeting media, tech, and other industries, filed on Wednesday with the SEC for an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at a price of $10. There it would command a market value of $250 million. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
The company is led by CEO and Vice Chairman Heath Freeman, a founding member of Alden Global and its President since 2014; Freeman previously worked at the hedge fund's predecessor Smith Management. The SPAC's Chairman Randall Smith is a founding member of Alden Global, and its Chief of Investments; Smith previously formed its predecessor Smith Management.
The SPAC intends to focus on the media, technology, consumer products, industrials, real estate, real estate services, financial services, hospitality, and entertainment sectors.
Alden Global Capital made headlines on Wednesday when it was reported that the hedge fund sought to purchase the remaining stake of Tribune Publishing (Nasdaq: TPCO), parent of the Chicago Tribune, New York Daily News, and others, at $14.25 per share; Alden currently owns about 32% of the company.
The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol OSTRU. Oyster Enterprises Acquisition filed confidentially on November 30, 2020. Imperial Capital is the sole bookrunner on the deal.
