Spinning Eagle Acquisition filed to offer 150 million units at $10 per unit to raise $1.5 billion in an IPO.
Spinning Eagle is introducing an innovation that would allow the SPAC to rightsize by spinning off part of itself if all of the capital is not needed for a single transaction.
Although Spinning Eagle in the S-1 filing does not cite any specific sector it may target, the management team has extensive experience in media and entertainment.
This is the latest SPAC led by CEO and Chairman Harry Sloan, former CEO of MGM Studios. Shareholders in his last SPAC, Flying Eagle, voted earlier this month to merge with eSports company Skillz.
Spinning Eagle intends to list on the Nasdaq under SPNGU. Read more.
