Oyster Enterprises Acquisition, a blank check company led by executives from hedge fund Alden Global targeting media, tech, and other industries, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
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The company is led by CEO and Vice Chairman Heath Freeman, a founding member and President of Alden Global; 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 recently made headlines 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 plans to list on the Nasdaq under the symbol OSTRU. Imperial Capital and I-Bankers Securities acted as lead managers on the deal.
