As more groups look to raise money and list a company publicly without having to file for an IPO, a big player has entered the special purpose acquisition company arena. Shaquille O’Neal has launched a SPAC, along with one of Martin Luther King Jr.’s sons and three former Walt Disney Co. executives.
Forest Road Acquisition Corp. will look to raise $250 million for acquisitions in media and technology. Shaq was specifically mentioned in the SEC filing as having a “keen eye for investing in successful ventures.”
DraftKings used a SPAC to go public in April, and fellow betting company Rush Street Interactive is reportedly looking to do the same. Last year, Allied Esports went public through a SPAC deal as well. SPACs have raised more than $40 billion this year, compared to $13.5 billion in 2019.
SPACs Looking At Sports & Entertainment:
RedBall Acquisition — $575 million
Ascendant Digital Acquisition Corp. — $414 million
Acies Acquisition Corp. — $300 million
Tekkorp Digital Acquisition Corp. — $300 million