Spinning Eagle Acquisition has stopped spinning. The SPAC in a letter to the SEC said it is withdrawing a proposed offering of 200 million units at $10 each for an aborted, upsized raise of $2 billion. The SPAC initially registered an offering in December 2020 to raise up to $1.5 billion, later upsizing the planned offering to $2 billion in June last year.
Goldman Sachs was tapped to be the sole book-running manager for the deal.
The SPAC’s acquisition focus was principally on media and entertainment.
Spinning Eagle is led by CEO and Chairman Harry Sloan, who is a former CEO of film studio Metro-Goldwyn-Mayer, and CFO and President Eli Baker, a partner at Eagle Equity Partners. SPAC veteran Jeff Sagansky is a founding investor. Sagansky and Sloan founded Silver Eagle Acquisition in 2013.
The team’s most recent SPAC, Soaring Eagle Acquisition, merged last September with Ginkgo Bioworks in a deal valued at a $15 billion, pre-money equity. Their previous SPACs closed mergers with e-sports platform Skillz and sports betting company DraftKings. Read more.
