Spinning Eagle Acquisition, the eighth blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan, filed on Thursday with the SEC to raise up to $2.0 billion in an initial public offering.
The New York, NY-based company plans to raise $2.0 billion by offering 200 million units at $10 per unit. Each unit contains one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Spinning Eagle Acquisition would command a market value of $250 million.
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.
The company plans to target businesses in sectors that will benefit from management's experience, including media and entertainment. Additionally, if Spinning Eagle Acquisition chooses not to use all of the proceeds held in the trust account for its initial business combination, it will have the ability to rightsize its trust account by allocating a portion to a new blank check company (SpinCo) and spinning it off as an independent, publicly-traded SPAC.
The group's previous SPACs include Soaring Eagle Acquisition (SRNG; +0% from offering price), which went public in February 2021 and announced a merger with synthetic biotech Gingko Bioworks in May 2021; Flying Eagle Acquisition, which went public in March 2020 and completed its acquisition of mobile esports platform Skillz (SKLZ; +102%) in December 2020; and Diamond Eagle Acquisition, which went public in May 2019 and completed its merger with SBTech and DraftKings (DKNG; +411%) in April 2020.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol SPNGU. Goldman Sachs is the sole bookrunner on the deal.
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