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Blank-check companies, also known as special purpose acquisition companies (SPACs), are entities that go public and use the capital raised to purchase another company that is looking to go public without the time, expense and disclosure required by a traditional IPO. The firm, Northern Star Acquisition Corp, is looking to sell 30 million units at $10 apiece, it said in a filing https://www.sec.gov/Archives/edgar/data/1819574/000119312520258002/d18199ds1.htm#rom18199_12. Discover, MasterCard, Visa Form 4 or Form 5 obligations may continue. The warrants will expire on the fifth anniversary of the completion of the Issuer's initial business combination. Sorry, your blog cannot share posts by email. 1. E-mail alerts of the week's sports business news. The article Pivotal Acquisition, Jon Ledecky's SPAC… We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments.

The SPAC is "looking to sell 30 million units at $10 apiece." American Express 4 Digit Card Verification Number on the front of card.

Read more about cookies here. A welcome email is on its way. Check this box if no longer subject to Section 16. Whatever you may think of American Apparel now, it was a hot company in the mid-2000’s and having a SPAC (!) ... (SPAC), is a shell company that uses IPO proceeds to buy another company, typically within two years of listing. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

The reporting person forfeited these securities to the Issuer for no consideration. “Examples of these technology/service areas include media, ticketing, payments processing, entertainment travel, gaming, loyalty programs and many others.” Investors have indicated they are interested in providing additional capital, for up to between $1B-$5B, once an acquisition target is identified, a source familiar with the funding raise said. of his or its pecuniary interest therein. This advertisement has not loaded yet, but your article continues below. Ledecky is one of at least 10 sports team owners who have SPACs coming to market. We apologize, but this video has failed to load.

3 Digit Card Verification Number on the back of card. “We intend to focus on the sports and entertainment sectors as well as the technology and services that are associated with these verticals,” the company said in its initial filings. Hinch Hire Proves Mutually Beneficial After Scandal, Sources: Red Sox Talking With Former Manager Alex Cora, DC United Asked Employees To Work Overnight Stadium Security, Souces: Indians Still Discussing Change To Team Name, Jason Wright Talks Potential New WFT Stadium Plans, Hawks Praised For Hosting Early Voting At State Farm Arena, Univ. Created with Sketch. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. /s/ Kevin Griffin as Chief Executive Officer of Pivotal Spac Funding LLC, UNITED STATES SECURITIES AND EXCHANGE COMMISSION, STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP, Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, or Section 30(h) of the Investment Company Act of 1940, 5. Could they have been more aggressive and gone with a 1/2 warrant or maybe 24 months? Sports Entertainment Acquisition Co., expected to begin trading on the New York Stock Exchange, wants to acquire high-growth potential businesses coming out of the sports industry. acquire the company made headlines. However, timing is everything and the financial crisis brought the SPAC market to a grinding halt (as well as pretty much everything else). We encountered an issue signing you up. Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. She is best known for leading content efforts at magazine publisher Hearst, leaving when she was passed over for the position as president of the company. 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Citigroup Global Markets is the underwriter for the offering from Northern Star Acquisition, a company which is also backed by creative media executive Joanna Coales, who served as an editor at several magazines including Cosmopolitan and More. Lastly, the Sponsors have built in a sizeable forward purchase of $150 million, which sets up the team nicely for negotiations with targets. Last year Ledecky started buying video gaming companies but quickly branched out from trying to score off a Zynga like play. New SPAC Headed By Collins, Grubman Raises $400M In IPO, Excitement Abounds As Steve Cohen Is Approved As Mets Owner, Sources: Possible Orioles Sale Has Potential Bidders Showing Interest, MLB Bracing For Deeply Challenging Pandemic Offseason, NBA Giving Teams New Sponsorship Opportunities To Offset Losses, SCOTUS Denies NFL, DirecTV Appeal To Dismiss Antitrust Lawsuit, CBS' Week 8 NFL Coverage Utilizes First Black Producer-Director Duo, Sources: NBA Fears Devastating Revenue Losses With Jan. Start, Sports Industry's First COVID Season Gives Lessons To Take Away, Hockey World Faces Questions, Criticism Over Mitchell Miller Saga, Phillies President Confirms Post-'21 Departure, Could Leave Sooner, Tigers Hoping A.J. Relationship of Reporting Person(s) to Issuer, 3. close. MLB owners approved the hedge fund titan’s purchase of the team from the Katz and Wilpon families, league officials confirmed Friday, inching Cohen…, Get our latest stories in the feed of your favorite networks. Last night, while everyone was still recovering from the Christmas holiday, another new SPAC was filed making the forthcoming 2019 IPO count SIX. Home » Weekly IPO Updates » INTEL » Pivotal Acquisition Corp. The next issue of Top Stories Newsletter will soon be in your inbox. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. His niece is multiple Olympic gold medalist swimmer Katie Ledecky. In fact, Endeavor and Services Acquisition (which bought Jamba Juice) were part of the wave of 2005 SPACs that made investors sit up and take notice and created huge demand for the SPAC product. He is president and chief operating office of Northern Star. Pivotal Spac Funding LLC is an affiliate of MGG Investment Group LP, whose Chief Executive Officer is Kevin Griffin, a director of the Issuer. PJT Partners is also on as a sponsor and an underwriter of the IPO along with Goldman Sachs. In connection with the Issuer's business combination, such shares of Class B common stock of Pivotal Acquisition Corp. automatically converted into shares of common stock of KLDiscovery Inc. Jon Ledecky-Backed SPAC Aims To Raise $300M In IPO. American Express


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