Mr. Ledecky went on to lead two more SPACs in quick succession – Victory Acquisition Corp. ($330 million) and Triplecrown Acquisition Corp. ($552 million). Please try again. We’ll watch for any changes as subsequent amendments get filed. Jonathan Joseph Ledecky (born February 9, 1958) is an American businessman and a majority owner of the NHL team New York Islanders and their AHL affiliate Bridgeport Sound Tigers.

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Pivotal Acquisition Corp.'s Class B common stock was convertible on a one-for-one basis into common equity of the surviving entity upon consummation of the Issuer's Form 4 or Form 5 obligations may continue. Jon Ledecky-Backed SPAC Aims To Raise $300M In IPO Northern Star Acquisition Corp., a blank-check company backed by Islanders co-Owner Jon Ledecky, is looking to raise $300M in an IPO, aiming to sell 30 million units at $10 apiece. Credit Card Help Discover, MasterCard, Visa 3 Digit Card Verification Number on the back of card. For those unfamiliar with SPAC history, Jonathan Ledecky led Endeavor Acquisition, a 2005 SPAC that subsequently combined with American Apparel for approximately $395 million and at that time, it was pretty big news. 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. In connection with the Issuer's business combination, such shares of Class B common stock of Pivotal Acquisition Corp. automatically converted Islanders owner Jon Ledecky and former Cosmopolitan Editor Joanna Coles have formed a new blank-check company, Northern Star Acquisition Corp. Each of Mr. Ledecky, Pivotal Spac Funding LLC, MGG Investment Group LP, and Mr. Griffin disclaim beneficial ownership of the securities held by Pivotal Acquisition Holdings LLC, except to the extent of his or its pecuniary interest therein. We want to hear from you! Visit our Community Guidelines for more information and details on how to adjust your email settings. Created with Sketch. Coles is chairperson and CEO of the SPAC. DeChambeau will become the “face of DraftKings…, In a Q3 trading statement, William Hill told shareholders the lack of fans in the stands at sporting events explains the series of unlikely results that have negatively influenced the company’s top…, With the “most important election of our lifetime” set to unfold this week, Sportico asked industry stakeholders for their thoughts on how the sports business world might be impacted by the…, It’s official: Steve Cohen owns the New York Mets. “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. Post was not sent - check your email addresses! Islanders owner Jon Ledecky and Hearst veteran Joanna Coles have formed a SPAC.

But the SPAC road has been bumpy as of late and we’ve had a number of deals execute poorly (IAM, STLR, DOTA), so investors aren’t going to be very agreeable. The reporting person forfeited these securities to the Issuer for no consideration. of his or its pecuniary interest therein. © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. 3 Digit Card Verification Number on the back of card. Home » Weekly IPO Updates » INTEL » Pivotal Acquisition Corp. Comments may take up to an hour for moderation before appearing on the site. Individual or Joint/Group Filing (Check Applicable Line). Pivotal Acquisition plans to list on the NYSE under the symbol PVT.U. September 30, 2020 9:53am Islanders owner Jon Ledecky and Hearst veteran Joanna Coles have formed a SPAC. Two independent directors include Tim Goodell, NFL Commissioner Roger Goodell’s brother and Exec VP & general counsel for Hess Corporation; and Natara Holloway, the NFL's VP/Business Operations & Strategy for Football Operations. Share: XL Fleet has agreed to merge with Pivotal Investment II, a special-purpose acquisition company led by Jon Ledecky, a majority owner of the NHL's New York Islanders and the uncle of five-time Olympic gold medalist Katie Ledecky. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.

Check this box if no longer subject to Section 16. So let’s take a look at the terms of his new deal: Looking at the terms, the structure feels appropriate. Earlier, as editor of Cosmopolitan, she became known for moving the lifestyle magazine into more substantive coverage of women’s issues, including abortion and politics. Dolphins Vice Chair Matt Higgins Launches $350 Million SPAC, Q&A: Genius Sports CEO Mark Locke Describes Vision As Public Company, Red Sox IPO With RedBall May Find Mixed Reception From MLB and Stock Market, WWE Replaces Arena Merchandise Loss With E-Commerce Gains Amid Rebound, DraftKings Adds U.S. Open Champ DeChambeau as Golf Boosts Betting Industry, Bookmakers Struggling to Determine Value of Home-Field Advantage with Few or No Fans in Stadium, Election 2020: Ten Trump v. Biden Policy Disputes That Impact the Sports Industry, Steve Cohen Approved as New York Mets’ New Owner, de Blasio Supports. Title 17 of the Code of Federal Regulations. He is president and chief operating office of Northern Star. High profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year. 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. The warrants will expire on the fifth anniversary of the completion of the Issuer's initial business combination. © 2020 SPACInsider | Theme by Theme Ansar. Of Louisville Fires Associate AD & SWA Christine Herring, Dale Earnhardt Jr.

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. Pivotal Spac Funding LLC is an affiliate of MGG Investment Group LP, whose Chief Executive Officer is Kevin Griffin, a director of the Issuer. “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.
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All Rights reserved. 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. Pivotal Acquisition Corp. The SPAC is "looking to sell 30 million units at $10 apiece."

With that thought in mind, it’s a little dangerous for teams right now to be aggressive and these terms look to be a concession to the current mood.

This latest SPAC is Pivotal Acquisition Corp., a $200 million IPO being led by none other than Jonathan Ledecky, one of the more prolific SPAC issuers, circa 2005 to 2009, setting the template for serial SPAC issuers such as the Gores and Fintech teams. Victory never got to make an acquisition and as with so many of the 2007 SPACs, had to liquidate. Send us a tip using our anonymous form. These shares are owned directly by Pivotal Acquisition Holdings LLC, a ten percent owner of the issuer, and indirectly by its managing members, Jonathan Ledecky (a director of the Issuer) and Pivotal Spac Funding LLC. Previous Ledecky SPACs brought software company KLDiscovery and American Apparel public. Sorry, your blog cannot share posts by email. Lastly, the Sponsors have built in a sizeable forward purchase of $150 million, which sets up the team nicely for negotiations with targets. If you were around in that era, it was a real bloodbath in SPACland. However, timing is everything and the financial crisis brought the SPAC market to a grinding halt (as well as pretty much everything else). close. 1. 4 Digit Card Verification Number on the front of card. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. initial business combination and had no expiration date.

A blank-check company backed by Jon Ledecky, the majority owner of the NHL team New York Islanders, is looking to raise $300 million in a U.S. initial public offering (IPO), the company said on Tuesday. 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. 3 Digit Card Verification Number on the back of card. His most recent one, Pivotal II, entered an agreement this month with XL Hybrids, a company that electrifies commercial vehicles ranging in size from minivans to school buses. Files for $200 Million SPAC. 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. SPACs have become a popular vehicle for taking companies public this year, having been the way DraftKings, Hall of Fame Resort and Entertainment, and Tilman Fertitta’s Golden Nugget Online Gaming have recently gone public.

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