A rundown of notable SPAC happenings this week:
Flying Eagle Acquisition Corporation Completes Merger with Skillz
- Mobile gaming company Skillz SPAC listing with Flying Eagle Acquisition Corporation was approved by a shareholder vote; Skillz will now trade publicly under SKLZ.
- Flying Eagle’s CEO and chairman Harry Sloan has plenty of experience in gaming. Sloan was a founding investor and board member of ZeniMax Media Inc. in 1999, the creator and publisher of interactive entertainment and Bethesda Game Studio.
- Skillz is positioned to do well in the rapidly growing esports market
- Skillz was initially valued at $3.5b, but shares were up 127% on the first day, more than doubling that initial number.
- LionTree Advisors and Jefferies LLC are acting as advisors.
Social Capital Hedosophia Holdings Corporation II (IPOB) Approves Opendoor
- Online real estate company Opendoor’s SPAC listing with Social Capital Hedosophia Holdings Corporation II was approved by a shareholder vote; Opendoor will begin trading publicly Monday under OPEN.
- CEO Chamath Palihapitiya is a VC (founder of Social Capital) and unofficial SPAC King (IPOZ anyone?) with a ton of experience at growth companies
- Opendoor is attempting to disrupt the $1.6t online real estate market
- Credit Suisse and Citi advised.
Schultze Special Purpose Acquisition Corporation and Clever Leaves International
- Marijuana company Clever Leaves SPAC listing with Shultze Special Purpose Acquisition Corporation was approved by a shareholder vote; Leaves will soon trade publicly under CLVR.
- The SPACs CEO is George Schultze, a distressed “vulture” specialist
- Cleaver Leaves is attempting to disrupt the rapidly growing marijuana market
- The deal values Clever Leaves at $206mm EV with a $10mm PIPE
- EarlyBirdCapital, BTIG, and Cowen advised.
Landcadia Holdings II and Golden Nugget Online Gaming
- Gaming company Golden Nugget Online Gaming SPAC listing with Landcadia Holdings is voting today to be approved via shareholder vote; Golden Nugget will trade publicly under GNOG.
- The CEO of both companies is Tilman Fertitta, businessman, restaurateur, and owner of the Houston Rockets.
- Golden Nugget joins DraftKings as another internet gaming company to become public via SPACs this year.
- Golden Nugget is valued at $900mm.
- Jefferies LLC advised.
FinServ Acquisition Picks Katapult for Deal
- FinServ Acquisition to merge w/ Katapult Holding, an e-commerce focused fintech company
- $1B EV / $150M PIPE and $325M cash to sellers
- FinServ is led by Lee Einbinder, IPO’ed in 2019 for $250M and retain that in trust
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