SPAC Wrap: Busy Week with a Flurry of Votes (SKLZ, OPEN, CLVR, and GNOG)
December 18, 2020

A rundown of notable SPAC happenings this week:

Flying Eagle Acquisition Corporation Completes Merger with Skillz

  • Mobile gaming company Skillz SPAC listing with Flying Eagle Acquisition Corporation was approved by a shareholder vote; Skillz will now trade publicly under SKLZ.
  • Flying Eagle’s CEO and chairman Harry Sloan has plenty of experience in gaming. Sloan was a founding investor and board member of ZeniMax Media Inc. in 1999, the creator and publisher of interactive entertainment and Bethesda Game Studio.
  • Skillz is positioned to do well in the rapidly growing esports market
  • Skillz was initially valued at $3.5b, but shares were up 127% on the first day, more than doubling that initial number.
  • LionTree Advisors and Jefferies LLC are acting as advisors.

Social Capital Hedosophia Holdings Corporation II (IPOB) Approves Opendoor

  • Online real estate company Opendoor’s SPAC listing with Social Capital Hedosophia Holdings Corporation II was approved by a shareholder vote; Opendoor will begin trading publicly Monday under OPEN.
  • CEO Chamath Palihapitiya is a VC (founder of Social Capital) and unofficial SPAC King (IPOZ anyone?) with a ton of experience at growth companies
  • Opendoor is attempting to disrupt the $1.6t online real estate market
  • Credit Suisse and Citi advised.
Hedosophia CEO Chamath Palihapitiya

Schultze Special Purpose Acquisition Corporation and Clever Leaves International

  • Marijuana company Clever Leaves SPAC listing with Shultze Special Purpose Acquisition Corporation was approved by a shareholder vote; Leaves will soon trade publicly under CLVR.
  • The SPACs CEO is George Schultze, a distressed “vulture” specialist
  • Cleaver Leaves is attempting to disrupt the rapidly growing marijuana market
  • The deal values Clever Leaves at $206mm EV with a $10mm PIPE
  • EarlyBirdCapital, BTIG, and Cowen advised.

Landcadia Holdings II and Golden Nugget Online Gaming

  • Gaming company Golden Nugget Online Gaming SPAC listing with Landcadia Holdings is voting today to be approved via shareholder vote; Golden Nugget will trade publicly under GNOG.
  • The CEO of both companies is Tilman Fertitta, businessman, restaurateur, and owner of the Houston Rockets.
  • Golden Nugget joins DraftKings as another internet gaming company to become public via SPACs this year.
  • Golden Nugget is valued at $900mm.
  • Jefferies LLC advised.

FinServ Acquisition Picks Katapult for Deal

  • FinServ Acquisition to merge w/ Katapult Holding, an e-commerce focused fintech company
  • $1B EV / $150M PIPE and $325M cash to sellers
  • FinServ is led by Lee Einbinder, IPO’ed in 2019 for $250M and retain that in trust
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