Horizon Acquisition III, a blank check company formed by Todd Boehly of Eldridge Industries, filed on Wednesday with the SEC to raise up to $500 million in an initial public offering.
The Greenwich, CT-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The sponsor or its affiliates intend to purchase $155 million worth of units in the offering. At the proposed deal size, Horizon Acquisition III would command a market value of $625 million.
The company is led by CEO, CFO, and Director Todd Boehly. Boehly is the co-founder and CEO of Eldridge Industries, a holding company with a network of businesses across finance, technology, real estate, and entertainment. Prior to founding Eldridge, he was President of Guggenheim Partners.
Boehly's previous SPACs include Horizon Acquisition II (HZON.U; +18% from $10 offer price), which is reportedly in talks to merge with sports betting and data firm Sportradar, and Horizon Acquisition (HZAC.U; +10%), which is reportedly in talks to merge with digital ticketing marketplace Vivid Seats.
Horizon Acquisition III was founded in 2020 and plans to list on the NYSE under the symbol HZNA.U. Deutsche Bank, Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal.
