Gaming SPAC UTA Acquisition Prices US$200 Million IPO

Special purpose acquisition company UTA Acquisition Corporation (Nasdaq: UTAAU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$200 million in its initial public offering.

The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

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

The proposed offering is being managed by Credit Suisse Securities as the sole bookrunner, which the company granted a 45-day over-allotment option to purchase additional 3.0 million company units at the same IPO price.

The blank check company is sponsored by affiliates from United Talent Agency, popularly known as UTA, and financial firm Connaught. The firm is chaired by former president and COO of Nintendo of America, Reginald Fils-Aimé, and headed by co-CEOs Clinton Foy, General Partner at UTA Venture Capital, and Jamie Sharp, former Business Development Manager at Google.

On its target businesses, it intends to focus its search on the gaming, digital media, creator economy, entertainment, and technology industries.

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.

Leave a Reply