Sports SPAC ESH Acquisition Files For US$300 Million IPO, Board Includes Magic Johnson
Special purpose acquisition company ESH Acquisition Corp. is looking to go public on the Nasdaq Global Market. The firm announced on Thursday its initial public offering plans at a projected size of US$300.0 million.
The offering consists of 30.0 million company units at US$10.00 per share. Each unit consists of one common share and one purchase warrant exercisable to get one common share at US$11.50 per share.
The shares are expected to trade on the Nasdaq big board under the symbol “ESHU”. Once the shares and warrants separate, they will trade under “ESH” and “ESHW”, respectively.
I-Bankers Securities acts as the sole bookrunner for the offering. The company is granting the underwriters a 30-day over-allotment option to purchase additional 4.5 million units at the same IPO price.
The blank check firm’s board is chaired by former Walt Disney Parks and Resorts President Alan Weiss and vice-chaired by former NBA player Magic Johnson. It is also led by former Chesapeake Lodging Trust CEO James Francis as the chief executive of the firm.
The SPAC said it intends to search for a business combination within the global entertainment, sports, and hospitality sectors.
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.