Sloan, Baker-led SPAC files for $750 mln U.S. IPO

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Dec 15 (Reuters) - Screaming Eagle Acquisition Corp, a blank-check firm led by investor Eli Baker and former Hollywood executives Harry Sloan and Jeff Sagansky, on Wednesday filed for an initial public offering of up to $750 million in the United States.

Sloan and Baker have already backed some of the biggest special-purpose acquisition companies (SPACs), including the ones that took mobile gaming company Skillz Inc (SKLZ.N) and online-betting firm DraftKings Inc (DKNG.O) public.

In May, even as the broader SPAC market was experiencing a downturn due to saturated demand and tightening scrutiny from regulators, a blank-check firm backed by the duo clinched a $17.5 billion deal to merge with biotech firm Ginkgo Bioworks.

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SPACs are shell companies that use the proceeds from their IPOs to merge with a private company, thereby taking it public and helping it avoid the regulatory scrutiny faced in a traditional IPO.

Screaming Eagle said it would offer 75 million units in its IPO priced at $10 each. The units will be listed on Nasdaq under the symbol "SCRMU".

Goldman Sachs & Co and Citigroup are the underwriters for the offering.

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Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni

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