SPAC Veteran Eli Baker Launches $1.5 Billion IPO with New Spin Innovation to “Rightsize”
By John Jannarone
SPAC veteran Eli Baker has a $ 1.5 billion IPO prospectus for Spinning Eagle Acquisition Corp. filed and introduced a new innovation that would allow the vehicle to "privilege" by outsourcing part of itself when not all of the capital is needed for a single transaction.
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Spinning Eagle will raise $ 1.5 billion to be used for target acquisition in any industry. Aside from the $ 4 billion raised by William Ackmans Pershing Square Tontine Holdings and Churchill Capital Corp IV, this is one of the largest SPAC deals to date.
Mr. Baker is best known for his recent successful deals, including gaming platforms DraftKings Inc. and Skillz Inc. (see interview here), which have quintupled and doubled since their listing in 2020. He again has The Goldman Sachs Group, Inc. as an advisor to the business. Neither Mr. Baker nor Olympia McNerney, who runs US SPACs at Goldman Sachs and spoke at an IPO Edge forum last summer, could immediately be reached for comment late Wednesday.
The spin option seems like a smart way to raise the best possible capital, while Mr. Baker's deal skills are extremely in demand - even if not all of it is required to his preferred goal.
"If we decide not to use all of the escrow proceeds on our first business combination, based on the capital requirements of our original business combination target and related factors, we can grant rights to our escrow account by rewriting part of our escrow account. Assign company that we refer to as SpinCo and spin-off SpinCo as an independent, publicly traded company for special purpose acquisition, ”the file says. "If we decide to spin-off, we will determine a certain amount of the proceeds that will then be held in escrow for our first business combination and will contribute the excess amount to an escrow account of SpinCo im before we finalize the final agreement for the first business combination Exchange for Shares, Class A Common Shares and Warrants of SpinCo. "
Spinning Eagle isn't the only pedigree SPAC launching this week. Dan Hennessy's Hennessy Capital Investment Corp. V also filed for a $ 250 million initial public offering shortly after the successful merger of Hennessy Capital Acquisition Corp. IV with the electric vehicle manufacturer Canoo. The newly formed company now trades under the ticker GOEV and trades just under $ 20 per share, 100% more than the SPAC's IPO price.
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John Jannarone, Editor in Chief
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