Argus Capital, a blank check company led by former ViacomCBS/CBS executives targeting media, entertainment, and sports, raised $265 million by offering 26.5 million units at $10. The company offered 1.5 million more units than anticipated. It originally planned to offer 30 million units before lowering the offering to 25 million units in August. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol ARGUU. Goldman Sachs and Morgan Stanley acted as joint bookrunners on the deal.
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