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SpringOwl Asset Management's consumer SPAC 26 Capital Acquisition prices upsized $240 million IPO

January 14, 2021

26 Capital Acquisition, a blank check company formed by SpringOwl Asset Management targeting leisure, e-commerce, and consumer industries, raised $240 million by offering 24 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. The SPAC originally filed to raise $200 million.

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The Miami, FL-based company is led by CEO and Chairman Jason Ader, who co-founded SpringOwl Asset Management in 2013 and currently serves as CEO.

26 Capital Acquisition intends to focus on the gaming and gaming technology, branded consumer, lodging and entertainment, and Internet commerce sectors.

26 Capital Acquisition plans to list on the Nasdaq under the symbol ADERU. Cantor Fitzgerald acted as lead manager on the deal.