The Hollywood Executive, Jeff Sagansky behind a couple of this year’s biggest blank check contracts in the betting industry, exposed plans for a SPAC, special purpose acquisition company IPO, or initial public offering.
In an S-1 filling form with the Exchange and Securities Commission on Dec 23, partners Eli Baker, Harry Sloan, and Sagansky said that they are trying to raise $1.5 billion through that IPO of Spinning Eagle Acquisition.
Assuming the figure of $1.5 Billion will remain accurate, the corporation will represent one of the biggest and most giant SPAC IPO’s, trailing Churchill Capital Corp and Square Tontine Holdings’ raised $4 billion.
Gaming Angles
Spinning Eagle, a Los Angeles based firm which is currently seventh blank check by Sloan and Sagansky. While the S-1 doesn’t refer to specific industries, the latest SPAC will estimate for acquisitions, the couple’s track record shows betting assets could be on the buying list.
Sagansky, Sloan, and Baker were the creators and top-level executives of Diamond Eagle Corp. It is the SPAC that played a great role in serving as the ground for Draftkings to spread among the public in April. Following the deal, the trio initiated Flying Eagle, which then merged with esports provider Skillz and mobile gaming. The company finally went public last week.
Sagansky runs CBS Entertainment formerly. Sloan was chief executive officer of Metro-Goldwyn Mayer movie studio in the past.
Unique Spin on Typical Structure
Spinning Eagle had the opportunity to do something that people never have seen in terms of blank-check transactions. If the SPAC didn’t spend $1.5 Billion on the acquisition, the company could cut its trust and deploy the remaining asset to create one more SPAC.
Beyond 220 blank check companies went public this year and raised beyond $70 billion. Most of this money has been invested in the betting industry.