- Former baseball superstar Alex Rodriguez is joining the SPAC craze and launching one of his own.
- Slam Corp. is seeking to raise $575 million in its public debut and will be led by Rodriguez as the CEO, according to a SEC filing.
- Slam will seek to acquire a firm within the sports, media, entertainment, health and wellness and consumer technology sectors, the filing said.
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Former baseball superstar Alex Rodriguez is the latest high-profile name to throw his hat in the SPAC ring, with a launch of his own “blank-check” company called Slam Corp, according to a SEC filing.
SPACs are investment vehicles that raise funds from investors which are then used to acquire a private company and bring it public.
Rodriguez will lead the Slam Corp. SPAC as its CEO, and is seeking an acquisition within the sports, media, entertainment, health and wellness and consumer technology sectors.
“We will seek to acquire a multibillion-dollar asset with a leading market position in an attractive industry,” Slam said in the filing.
Unlike Billy Beane’s Redball Acquisition Corp., Slam is not seeking to acquire a professional sports team. Redball recently failed in its attempt to take the parent company of the Boston Red Sox public.
According to the filing, Slam Corp is seeking to raise up to $575 million with the sale of stock and warrants at $10 per share.
SPACs have been all the rage since last year as the COVID-19 pandemic upended the traditional IPO roadshow offering. According to data from SPACInsider, 248 blank check companies raised $83 billion in 2020. So far in 2021, 118 SPACs have raised $35 billion.
Even former Trump administration officials are launching their own SPAC, with Wilbur Ross heading a new SPAC with Larry Kudlow as a director.
Slam will trade on the Nasdaq under the ticker symbol “SLAM” once the deal is completed.
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