Late on Thursday, a regulatory filing with US SEC (Securities and Exchange Commission) had unfurled that a blank-check firm or SPAC (Special Purpose Acquisition Company) backed by top-tier athletes likes of Polish Bayern Munich striker Robert Lewandowski and Japanese-American tennis sensation Naomi Osaka, had been brewing off an option to raise a stark upsum of $250 million in a US IPO (Initial Public Offerings, marking up a breakthrough event in a series of SPAC-backed US public listings where a blank-check firm has been counting big-league athletes among its key advisers for the first time in US history.
Besides, according to the regulatory filing with US SEC unveiled late in the day, the athletes-backed blank-check firm, Disruptive Acquistion Corporation I, was quoted saying that the SPAC had been looking to float an approximated 25 million units including shares and warrants, while the blank-check firm had priced its shares at $10 apiece.
In point of fact, blank-check firms or SPACs (Special Purpose Acquisition Companies) are shell entities that could be optimized to take a company public following a merger or acquisition, while SPACs or blank-check firms are allowed to raise funds through IPOs or private investments to finance the planned mergers or acquisitions without telling their investors about the company they have been pursuing.
Athletes-backed SPAC seeks to raise $250 million in US IPO
Besides, the world’s first athletes-backed SPAC, Disruptive Acquistion Corporation I, would be sponsored by an affiliate of an LA-based merchant bank Disruptive, while Disruptive Chief Executive Alexander Davis would act as the Chair of the SPAC.
Nevertheless, although Disruptive Acquisition did not disclose its targeted merger or acquisition which it would be taking public, the first-ever athletes-backed SPAC that counts boxer Alverez and baseball pitcher Verlander apart from Lewandowski and Osaka among its top advisers, had been quoted saying in the filing that it had been on the lookout of a potential merger either in health and wellness or tech sectors.
Concomitantly, leading US lender Citigroup alongside Swiss borrower Credit Suisse would act as leading underwriters of Disruptive’s initial offerings, the filing unveiled.