{"id":150183,"date":"2020-09-26T12:29:32","date_gmt":"2020-09-26T19:29:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=150183"},"modified":"2020-09-27T10:54:24","modified_gmt":"2020-09-27T17:54:24","slug":"tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/","title":{"rendered":"Tekkorp Digital Joining Gaming SPAC Party, Eyes $300 Million IPO"},"content":{"rendered":"

Tekkorp Digital Acquisition is adding to the already brisk pace of special purpose acquisition companies (SPACs) with ties to the gaming industry looking to go public this year. It has revealed in a filing with the Securities and Exchange Commission (SEC) that indicates it’s planning a $300 million initial public offering (IPO).<\/p>\n

\"Tekkorp
Flush with SPACs to choose from, traders will get another, thanks to Tekkorp Digital Acquisition. (Image: Wall Street Journal)<\/figcaption><\/figure>\n

Las Vegas-based Tekkorp Digital is part of Tekkorp Capital, which invests in public and private companies with exposure to the esports and gaming industries. Beyond that, the blank check firm has other notable ties to the gaming space.<\/p>\n

The company is led by CEO Matthew Davey, founder of Tekkorp Capital and former CEO of NYX Gaming Group, and Chairman Morris Bailey, the owner of Resorts Atlantic City,\u201d according to Renaissance Capital. \u201cThe company plans to target businesses in digital media, sports, entertainment, leisure, or gaming industries.\u201d<\/p><\/blockquote>\n

NYX is a supplier of slots, table games, bingo, and scratch cards and poker platforms. The company was acquired by Scientific Games in 2017<\/a>.<\/p>\n

SPAC Details, Words of Caution<\/h2>\n

Tekkorp said it plans to list on the Nasdaq using the ticker \u201cTEKKU,\u201d but the SEC filing didn’t reveal a firm listing date.<\/p>\n

The \u201ccompany plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Tekkorp Digital Acquisition would command a market value of $375 million,\u201d according to Renaissance Capital.<\/p>\n

\n

In its regulatory document, Tekkorp notes it hasn’t selected a \u201ccombination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.\u201d SPACs go public to raise capital to target other companies for takeovers, providing an avenue for the acquired firm to go public in a more efficient manner and a payday for early investors. However, not all blank check companies find suitable partners, and some walk away from deals, even in the gaming industry<\/a>.<\/p>\n<\/div>\n

Tekkorp cautions investors that it currently has no operations and that, as of Aug. 20, it has a \u201cworking capital deficiency of $63,060.\u201d<\/strong><\/p>\n

SPAC Mania<\/h2>\n

Companies across myriad sectors and industries are teaming up with special purpose vehicles to get to public markets faster, and that trend is certainly on display in the gaming space.<\/a><\/p>\n

A traditional IPO can take six to nine months, maybe longer in some cases, and comes with an array of costs and fees the company must pay to investment banks and lawyers. Going public via SPAC reduces those costs. For gaming companies, there’s the added allure of tapping public markets more rapidly. That’s a relevant consideration at a time when investors are assigning lofty valuations to online casino and sports betting firms.<\/p>\n

Currently, there are multiple gaming\/blank check combinations in the gaming arena that will soon launch new public companies, spanning internet casinos, sports wagering<\/a>, esports and mobile\/social games.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tekkorp Digital Acquisition is adding to the already brisk pace of special purpose acquisition companies (SPACs) with ties to the gaming industry looking to go public this year. It has revealed in a filing with the Securities and Exchange Commission (SEC) that indicates it’s planning a $300 million initial public offering (IPO). Las Vegas-based Tekkorp […]<\/p>\n","protected":false},"author":46,"featured_media":150185,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nTekkorp Digital Acquisition Is Latest Gaming SPAC Planning IPO<\/title>\n<meta name=\"description\" content=\"Tekkorp Digital Acquisition is planning a $300 million IPO the SPAC could use to making deals in the gaming space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tekkorp Digital Acquisition Is Latest Gaming SPAC Planning IPO\" \/>\n<meta property=\"og:description\" content=\"Tekkorp Digital Acquisition is planning a $300 million IPO the SPAC could use to making deals in the gaming space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-26T19:29:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-27T17:54:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/traders2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/\",\"url\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/\",\"name\":\"Tekkorp Digital Acquisition Is Latest Gaming SPAC Planning IPO\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/traders2.jpg\",\"datePublished\":\"2020-09-26T19:29:32+00:00\",\"dateModified\":\"2020-09-27T17:54:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Tekkorp Digital Acquisition is planning a $300 million IPO the SPAC could use to making deals in the gaming space.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-acquisition-is-latest-gaming-spac-planning-ipo\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/traders2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/traders2.jpg\",\"width\":1280,\"height\":640,\"caption\":\"Flush with SPACs to choose from, traders will get another thanks to Tekkorp Digital Acquisition. 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