Blank Check Company Spinning Eagle Acquisition Corp is planning to go public in a $1.5 billion initial public offering. The company founded by Hollywood film producer Jeff Sagansky has already filed for its IPO with the regulators.
Sagansky is a former president of CBS Entertainment. Sagansky has also invested in other companies including gaming company Skillz Inc. (SKLZ) and betting firm Draftkings Inc. (DKNG) which together with former CEO of Metro-Goldwyn-Mayer Harry Sloan acquired through special purpose acquisition companies (SPACs).
In 2020 only, SPAC’s have raised a record total of over $70 billion in the United States. This has granted them a top spot in Wall Street investment trends of 2020. These SPAC’s are shell companies which raise money through merging and IPO with other companies.
After the IPO, Eagle Acquisition will be trading on Nasdaq under the ticker symbol ‘SPNGU’.