Alex Rodriguez is the CEO of the latest sports-related SPAC, Slam Corp. The new blank check company aims to raise $500M in an IPO. According to the firm’s prospectus, Slam will "focus on businesses in the sports, media, entertainment, health and wellness and consumer technology sectors." The filing also specifically notes that Slam will not target a merger with a pro sports franchise. Per the filing, the company will rely on Rodriguez’s "extraordinarily powerful network and personal influence" throughout the selection process. Antara Capital Partners Founder & Managing Partner Himanshu Gulati will be the SPAC's chair. Slam will offer 50 million units priced at $10, and IPO underwriters will be able to purchase up to an additional 7.5 million units to cover any over-allotments. Units are comprised of one share of common stock and one-fourth of a warrant to later purchase stock at $11.50 per share. The company will have 24 months to close a merger.
BACK IN THE GAME: Former Turner Sports COO Matthew Hong is the chairman nominee of Newbury Street Acquisition Corporation, another new SPAC with aims to raise $150M in an IPO. Newbury will focus on acquiring a high-growth technology business that’s “in the consumer internet or media space, including sports and entertainment verticals," with enterprise values of approximately $500M to $2.5B. The filing specifically highlights business opportunities in video streaming and notes the success of esports events during the pandemic. Hong spent 11 years at Turner Sports and was responsible for negotiating broadcast rights deals with the NBA, MLB, NASCAR, NCAA and the UEFA Champions League, among other major properties, in addition to leading Turner’s acquisition of Bleacher Report. Hong departed the company in June '19, and he is currently a senior advisor to NASCAR, in addition to other corporate advisory roles. Newbury will offer 15 million units priced at $10, and underwriters will be able to purchase up to 2.25 million additional units to cover over-allotments. Units include a single share of common stock plus one-half of one warrant; a whole warrant entitles its holder to purchase a share of common stock for $11.50. Newbury will have two years to close a merger. The stock will be listed on the NASDAQ Capital Market, and investment bank EarlyBirdCapital is the lead underwriter.
