Soaring Eagle (SRNG) Taking Ginkgo Bioworks Public in $15B SPAC Deal

Latest deal from the SPAC veterans Eagle Equity Partners. Harry Sloan and Arie Belldegrun to join the Board.
Author:
Updated:
Original:

** Get the Daily SPAC Newsletter **

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 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

Transaction Summary:

Source: Company presentation

Source: Company presentation

Dr. Arie Belldegrun, founder of Kite Pharma (sold to Gilead for $12B) and Allogene  (ALLO) - Get Report, will join the board of the PF company and help to lead its growth. 

Financial Projections: $150M revenue for 2021, representing 96% growth YoY. The company projects to break $1B in revenue by 2025. 

Source: Company presentation

Source: Company presentation

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.

Source: Boardroom Alpha SPAC Analytics 

Source: Boardroom Alpha SPAC Analytics