Oyster Enterprises II Acquisition, a blank check company led by Alden Global execs targeting tech, media, and other industries, raised $220 million by offering 22 million units at $10. The company upsized the offering by 10%, having originally filed to sell 20 million units. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
The Miami, FL-based company is led by Chairman Heath Freeman, a founding member and President of Alden Global, and the Chairman of Tribune Enterprises (The Chicago Tribune, South Florida Sun Sentinel and The Hartford Courant) and Vice Chairman of MNG Enterprises (The Denver Post, San Jose Mercury News, Orange County Register and the Boston Herald). He is joined by CEO and Vice Chairman Mario Zarazua, who currently serves as a Senior Managing Director at Smith Management, a prior affiliate of Alden Global. The SPAC's advisor, Randall Smith, is Chief of Investments at Alden Global.
Management's previous SPAC, Oyster Enterprises Acquisition, went public in 2021 and liquidated in 2022.
Oyster Enterprises II Acquisition plans to target industries that align with the background of its management and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate, and hospitality.
Oyster Enterprises II Acquisition plans to list on the Nasdaq under the symbol OYSEU. BTIG acted as sole bookrunner on the deal.
