Soaring Eagle Acquisition Acquisition Corp (SRNG) has struck a $15B SPAC deal to take cell programming company Ginkgo Bioworks public. It's the 7th SPAC deal for the Eagle Equity team of DraftKings (DKNG) - Get DraftKings Inc. Report fame (among others).
The financing includes a $775M PIPE, with a plethora of high profile investors, including ARK Investment, Bain Capital, Viking, Casdin, T. Rowe, et al. Coupled with $1.72B from SRNG's trust, one of the largest for SPACs, this will generate over $2.3B of cash proceeds to the company (net of transaction fees).
Although the deal was rumored for awhile, SRNG shares closed sub-nav yesterday, and are just up slightly +1% in pre-market. SRNGW warrants are surging, up over 24% pre-market to $2.45
Financial Projections: $150M revenue for 2021, representing 96% growth YoY. The company projects to break $1B in revenue by 2025.
Eagle Equity Partners SPAC History
Harry Sloan, Jeff Sagansky, and Eli Baker have been in the SPAC game for years, taking 7 SPACs public in total. Their De-SPACs have averaged > 50% return post 12-months from De-SPAC.