In the US market, M&A innovations continue apace, with 26 Capital Acquisition Corp filing its initial IPO offering on the Nasdaq Capital Market Friday morning with a listing.
Trading under the ticker ‘ADERU’, 26 Capital is the latest ‘Special Purpose Acquisition Company’ (SPAC) of the CEO of the company, billionaire gambling investor Jason Ader.
Initial public offering
26 Capital has priced its initial public offering at 24 million Class-A shares valued at $10 per unit, debuting on the Nasdaq market. On Wednesday, January 20, SPAC will look to close its $240m class-A public offering.
26 Capital brands itself as a “blank cheque company” in its IPO statement, which will “concentrate its efforts in identifying high-quality businesses in the gaming and gaming technology, branded consumers, lodging and entertainment, or internet commerce sectors.”
Most active “activist investor” in gambling
Ader is regarded by his New York hedge fund SpringOwl Asset Management as the most active “activist investor” in gambling, having made major investments in bwin.party Entertainment, GVC Holdings and Playtech Plc.
He also clashed with corporate leadership and boards in his investment policy, seeking dramatic changes from businesses in which SpringOwl has invested.
As LA entertainment moguls Harry Sloan and Jeff Sagansky set up to acquire DraftKings, SPAC acquisitions figured prominently in the sector’s 2020 US agenda.
Ader reported last year that he was tracking trends in the US market, closely analysing how the COVID-19 pandemic caused incumbents to recalibrate to potential unknowns.