Jaws Mustang Acquisition, the third blank check company led by Starwood Capital founder Barry Sternlicht, filed on Friday with the SEC to raise up to $750 million in an initial public offering.
The Miami Beach, FL-based company plans to raise $750 million by offering 75 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 Mustang Acquisition would command a market value of $938 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 Andrew Klaber, the founder and CEO of Bedford Ridge Capital and a former Partner on the investment team at Paulson & Company. The company plans to target business in North America and/or Europe, focusing on those that have a clear path to organic and inorganic growth, formidable barriers to entry, exceptional management, and strong underlying demand drivers. While it has not selected a target industry, the company does not intend to pursue those that are competitive with Starwood Capital, which includes real estate, lodging, oil and gas, and energy infrastructure.
Sternlicht's previous SPACs include Jaws Spitfire Acquisition (SPFR.U; +13% from $10 offer price), which went public in December 2020, and Jaws Acquisition (JWS; +50%), which went public in May 2020 and has a pending merger agreement with value-based care delivery platform for seniors Cano Health.
Jaws Mustang Acquisition was founded in 2020 and plans to list on the NYSE under the symbol JWSM.U. The company filed confidentially on November 5, 2020. Credit Suisse, BofA Securities, and Goldman Sachs are the joint bookrunners on the deal.
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