Argus Capital, a blank check company led by former ViacomCBS/CBS executives targeting media, entertainment, and sports, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at $10 per unit. The company had previously filed to offer 30 million units at the same price. Each unit still contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Argus Capital will raise 17% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Joseph Ianniello, who spent more than two decades with CBS, most recently serving as CEO of CBS Entertainment Group. Ianniello also served as Acting CEO of CBS prior to its merger with Viacom. He is joined by President and Vice Chairman Marc DeBevoise, who most recently served as CEO of ViacomCBS Digital and Chief Digital Officer of ViacomCBS.
The company plans to leverage management's experience and target the media, entertainment, and sports industry, including "over-the-top" digital streaming, mobile gaming/interactive entertainment, digital media including advertising/marketing technology, health and wellness/lifestyle, live events/experiential consumer-facing technology, and related industries.
Argus Capital was founded in 2021 and plans to list on the Nasdaq under the symbol ARGUU. Goldman Sachs, and Morgan Stanley are the joint bookrunners on the deal
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