Sagansky and Sloan's SPAC Soaring Eagle Acquisition prices $1.5 billion IPO

Soaring Eagle Acquisition (formerly Spinning Eagle Acquisition), the seventh blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan, raised $1.5 billion by offering 150 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Harry Sloan, who previously served as CEO of Metro-Goldwyn-Mayer, and CFO and President Eli Baker, who is a Partner at Eagle Equity Partners. SPAC veteran Jeff Sagansky is the company's founding investor and a member of the sponsor. While the company has not selected a target industry or geography, it plans to target businesses that will benefit from its management team's experience.

The group's most recent SPACs include Flying Eagle Acquisition, which went public in March 2020 and recently completed its acquisition of mobile esports platform Skillz (SKLZ; +210% from $10 offer price), and Diamond Eagle Acquisition, which went public in May 2019 and completed its merger with SBTech and DraftKings (DKNG; +503%) in April 2020.

Soaring Eagle Acquisition plans to list on the Nasdaq under the symbol SRNGU. Goldman Sachs acted as a lead manager on the deal.