Jaws Juggernaut Acquisition, a blank check company formed by Barry Sternlicht and the founders of XCOM Labs, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Miami Beach, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Jaws Juggernaut Acquisition would command a market value of $250 million.
The company is led by Chairman Barry Sternlicht, the founder and CEO of Starwood Capital and Starwood Property Trust (NYSE: STWD), and CEO and Director Paul Jacobs, co-founder and CEO of wireless technology company XCOM Labs. XCOM co-founder and Executive Vice Chairman Derek Aberle serves as a Director.
Jaws Juggernaut Acquisition plans to target wireless communications and related technology/product/service businesses that have attractive growth-oriented characteristics and strong underlying demand drivers. The company may consider merging with XCOM Labs concurrently with its initial business combination, but will not complete a combination with only XCOM Labs.
Sternlicht's previous SPACs include February 2021 IPO Jaws Mustang Acquisition (JWSM.U; +6% from $10 offer price), December 2020 IPO Jaws Spitfire Acquisition (SPFR.U; +22%), and May 2020 IPO Jaws Acquisition (JWS; +60%), which is pending a combination with value-based care delivery platform for seniors Cano Health.
Jaws Juggernaut Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol JUGGU. Credit Suisse is the sole bookrunner on the deal.
