Screaming Eagle Acquisition, the ninth blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan, raised $750 million by offering 75 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman Harry Sloan, who previously served as CEO of Metro-Goldwyn-Mayer, and CEO and Director Eli Baker, a Partner at Eagle Equity Partners. SPAC veteran Jeff Sagansky will serve as a Director. Screaming Eagle Acquisition plans to target businesses that will benefit from its management team's experience, particularly within the media and entertainment sectors.
Management has been behind several SPACs, including most recently Spinning Eagle Acquisition (SPNGU), which filed to raise $2 billion in June 2021; Soaring Eagle Acquisition, which combined with biology company Ginkgo Bioworks (DNA; -30% from $10 offer price) in September 2021; Flying Eagle Acquisition, which combined with mobile esports platform Skillz (SKLZ; -37%) in December 2020; and Diamond Eagle Acquisition, which combined with SBTech and DraftKings (DKNG; +147%) in April 2020.
Screaming Eagle Acquisition plans to list on the Nasdaq under the symbol SCRMU. Goldman Sachs and Citi acted as joint bookrunners on the deal.
