Spinning Eagle is a SPAC twist, not a revolution

Bold Eagle Acquisition

16/08/2021 17:42

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Saba
    NEW YORK, Aug 16 (Reuters Breakingviews) - Harry Sloan’s
blank-check firm wants to raise $2 bln with the option to spin
off some cash in another SPAC. It's a way to have scale to buy a
big target without being forced to. Unlike, say, Bill Ackman's
overwrought effort, it's a reasonable tweak that shouldn't worry
regulators.
    Full view will be published shortly. 
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Twitter
         
    CONTEXT NEWS 
    - The U.S. Securities and Exchange Commission is considering
approving a new rule submitted by Nasdaq that will allow
special-purpose acquisition companies to spin off new SPACs with
a portion of their cash if they don't use it in their initial
merger transaction. The comment period for the rule ended on
Aug. 3. The SEC may approve the rule, reject it or request an
extension.
   - Blank-check company Spinning Eagle Acquisition on June 24
filed a new draft prospectus for its initial public offering, in
which it is seeking to raise $2 billion. Founded by former MGM
Chief Executive Harry Sloan, Spinning Eagle wants to take
advantage of the proposed rule change.   

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Spinning Eagle S-1    https://www.sec.gov/Archives/edgar/data/0001852207/000119312521198506/d329768ds1.htm
Nasdaq rule change    https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2021-054.pdf
SEC comment section    https://www.sec.gov/comments/sr-nasdaq-2021-054/srnasdaq2021054.htm
BREAKINGVIEWS-Ackman’s SPAC tries to run before it can walk   
 urn:newsml:reuters.com:*:nL1N2P9100
BREAKINGVIEWS-SPAC figureheads need to seal their deals   
 urn:newsml:reuters.com:*:nL2N2NX24T
BREAKINGVIEWS-IPO engineers get double Christmas bonus   
 urn:newsml:reuters.com:*:nL8N2J4268
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Richard Beales and Marjorie Backman)
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