Restaurant-focused SPAC Do It Again files for a $125 million IPO

Do It Again, a blank check company targeting the North American restaurant and food industries, filed on Tuesday with the SEC to raise up to $125 million in an initial public offering.

The Tulsa, OK-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Do It Again will command a market value of $156 million.

The company is led by CEO and Chairman Clifford Hudson, who most recently served as CEO and Chairman of drive-in restaurant chain Sonic Corp., which sold to Inspire Brands for $2.3 billion in December 2018. He is joined by President and Director Kathy Taylor, who previously served as both the Mayor and the Chief of Economic Development of the City of Tulsa, and CFO Scott McKinney, who most recently was a consultant with Four Hills Advisors and previously was Deputy CFO of Mattress Firm. Do It Again intends to target businesses operating in the restaurant, food-related and franchise sectors in North America.

Do It Again was founded in 2021 and plans to list on the Nasdaq under the symbol DOITU. Guggenheim Securities is the sole bookrunner on the deal.