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Entertainment SPAC Tekkorp Digital Acquisition II files for a $150 million IPO

February 24, 2021

Tekkorp Digital Acquisition II, the second blank check company formed by Tekkorp Capital targeting the digital media and leisure industries, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.

The Las Vegas, NV-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Tekkorp Digital Acquisition II would command a market value of $188 million.

The company is led by CEO and Chairman Matthew Davey, the founder of digital sports and gaming investment group Tekkorp Capital. Tekkorp Digital Acquisition II plans to leverage its management team's experience and target the digital media, sports, entertainment, leisure, and gaming industries.

The firm's previous SPAC, Tekkorp Digital Acquisition (TEKKU; +14% from $10 offer price), went public in October 2020 and has not announced a merger agreement yet.

Tekkorp Digital Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol TEKCU. Jefferies is the sole bookrunner on the deal.