SPAC ESH Acquisition slashes unit offering by 67% ahead of $100 million IPO

ESH Acquisition, a blank check company led by industry veterans targeting entertainment, sports, and hospitality, lowered the proposed deal size for its upcoming IPO on Monday. This is the company's first update since originally filing for an IPO in May 2022.

The New York, NY-based company now plans to raise $100 million by offering 10 million units at $10, with each unit containing one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. The company had previously filed to offer 30 million units, with each unit containing one share and one warrant, exercisable at $11.50. At the revised terms, ESH Acquisition will raise 67% less in proceeds than previously anticipated.

ESH Acquisition is led by CEO and Director James Francis, the founder and former CEO of Chesapeake Lodging Trust and Highland Hospitality, and Chairman Allen Weiss, a former consultant at Apollo Investment and President of World Wide Operations for the Walt Disney Parks and Resorts business. The company seeks to leverage management's experience to target the global entertainment, sports, and hospitality sectors. Areas of focus include professional sports franchises, luxury resorts, destination and regional theme parks, record labels, and music and television streaming services, among others.

ESH Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ESHU. I-Bankers Securities and IB Capital are the joint bookrunners on the deal.