Eagle Equity’s 8th SPAC Screaming Eagle Acquisition Prices US$750 Million IPO

Special purpose acquisition company Screaming Eagle Acquisition Corp.(Nasdaq: SCRMU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$750 million in its initial public offering, expected to close on January 10, 2022.

The offering consists of 75.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-third of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

However, US$10.00 per unit will also be deposited into a trust account upon the closing of the offering.

The company units trade on the Nasdaq big board under the symbol “SCRMU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “SCRM” and “SCRMW”, respectively.

The proposed offering is being managed by Goldman Sachs & Co. and Citigroup as the bookrunners, which the company granted a 45-day over-allotment option to purchase additional 11.25 million company units at the same IPO price.

The blank check company is the eighth public acquisition vehicle led by Eagle Equity Partners’ Harry Sloan, Jeff Sagansky, and Eli Baker, and offered the largest IPO yet among the company-sponsored SPACs. Among the business combinations by its previous blank check companies include: biotech firm Ginkgo Bioworks with Soaring Eagle Acquisition raising US$1.6 billion; gaming tech firm Skillz with Flying Eagle Acquisition for US$3.5 billion acquisition price; and online gaming companies DraftKings and SBTech with Diamond Eagle Acquisition for US$2.7 billion aggregate purchase price.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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