{"id":165326,"date":"2021-02-24T10:38:44","date_gmt":"2021-02-24T18:38:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=165326"},"modified":"2021-02-24T12:39:40","modified_gmt":"2021-02-24T20:39:40","slug":"soaring-eagle-latest-spac-from-hollywood-trio-goes-public","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/","title":{"rendered":"Soaring Eagle, SPAC Led by Founders of DraftKings, Skillz Blank-Check Firms, Takes Flight"},"content":{"rendered":"

Soaring Eagle Acquisition Corp. (NASDAQ:SRNGU), the seventh blank-check company led by Eagle Equity Partners\u2019 Harry Sloan, Jeff Sagansky, and Eli Baker, began trading today. It’s possible the newly-minted firm could pursue a transaction with a gaming entity.<\/p>\n

\"Soaring
Blank-check king Harry Sloan, seen here. He and his partners launched another SPAC, Soaring Eagle Acquisition. (Image: Twitter)<\/figcaption><\/figure>\n

The trio of dealmakers have extensive experience running special purpose acquisition companies (SPACs), and were involved with these vehicles long before blank-check mania<\/a> swept over Wall Street. In 2011 and 2013, respectively, Sagansky and Sloan founded SPACs that ultimately found deals, helping merger partners access public markets. In 2015, Baker and Sagansky started a blank-check outfit that would later complete a business combination. All three examples occurred well before SPACs came into style last year.<\/p>\n

Blank-check companies aren’t confined to striking deals in a specific industry, but gaming is potentially on the table for Soaring Eagle.<\/p>\n

Our management team has further developed contacts from serving on the boards of directors of prominent digital media companies and gaming companies,\u201d<\/strong> according to an S-1 filing with the Securities and Exchange Commission (SEC).<\/p><\/blockquote>\n

The firm raised $1.5 billion in its initial public offering (IPO), selling 150 million units at $10 apiece.<\/strong><\/p>\n

Soaring Eagle \u201chas granted the underwriters a 45-day option to purchase up to an additional 22,500,000 units at the initial public offering price to cover over-allotments, if any,\u201d according to a statement.<\/p>\n

Soaring Eagle Gaming Pedigree<\/h2>\n

It remains to be seen if Soaring Eagle will focus its efforts to locate a merger partner in the gaming industry. But the founders’ track record is hard to ignore.<\/p>\n

\n

Sloan was the executive that led the Diamond Eagle Acquisition SPAC.<\/a> That company served as the vehicle through which DraftKings (NASDAQ:DKNG) went public last April. With a market capitalization of $22.59 billion, DraftKings is now synonymous with blank-check success.<\/p>\n<\/div>\n

Sloan didn’t stop there. He also led Flying Eagle. That company merged with mobile games and esports tournament provider Skillz Inc. (NYSE:SKLZ)<\/a> last year. Along with DraftKings, Skillz was one of the most successful 2020 SPAC transactions. The San Francisco-based company is up almost 55 percent year-to-date and has a market value of $9.03 billion.<\/p>\n

Original Idea Was Altered<\/h2>\n

Soaring Eagle was born as Spinning Eagle — a blank-check entity that would have created another<\/a> SPAC if it didn’t spend all of the $1.5 billion raised via the IPO.<\/p>\n

That structure is undoubtedly unique, Baker and Sloan opted to scrap Spinning Eagle in favor of Soaring Eagle’s more traditional methodology following feedback from the SEC.<\/p>\n

Reports surfaced earlier this month that the commission was reluctant to approve the Spinning Eagle structure because the Senate hasn’t confirmed Gary Gensler, President Joe Biden\u2019s pick as SEC chair.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Soaring Eagle Acquisition Corp. (NASDAQ:SRNGU), the seventh blank-check company led by Eagle Equity Partners\u2019 Harry Sloan, Jeff Sagansky, and Eli Baker, began trading today. It’s possible the newly-minted firm could pursue a transaction with a gaming entity. The trio of dealmakers have extensive experience running special purpose acquisition companies (SPACs), and were involved with these […]<\/p>\n","protected":false},"author":46,"featured_media":165328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nSoaring Eagle, Latest SPAC from Hollywood Trio, Goes Public<\/title>\n<meta name=\"description\" content=\"Soaring Eagle, SPAC founded by dealmakers behind DraftKings and Skillz mergers, raised $1.5 billion in IPO.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soaring Eagle, Latest SPAC from Hollywood Trio, Goes Public\" \/>\n<meta property=\"og:description\" content=\"Soaring Eagle, SPAC founded by dealmakers behind DraftKings and Skillz mergers, raised $1.5 billion in IPO.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/\" \/>\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=\"2021-02-24T18:38:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-24T20:39:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/sloan2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1110\" \/>\n\t<meta property=\"og:image:height\" content=\"728\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/\",\"url\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/\",\"name\":\"Soaring Eagle, Latest SPAC from Hollywood Trio, Goes Public\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/sloan2.jpg\",\"datePublished\":\"2021-02-24T18:38:44+00:00\",\"dateModified\":\"2021-02-24T20:39:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Soaring Eagle, SPAC founded by dealmakers behind DraftKings and Skillz mergers, raised $1.5 billion in IPO.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/soaring-eagle-latest-spac-from-hollywood-trio-goes-public\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/sloan2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/sloan2.jpg\",\"width\":1110,\"height\":728,\"caption\":\"Blank-check king Harry Sloan. 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