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

1 minute read
Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com
Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.