UTA’s Gaming-Focused SPAC Sets IPO, Aiming To Raise $200 Million

UTA has become the latest talent agency to play in the public markets, forming a special-purpose acquisition company that will start trading tomorrow on the NASDAQ.

Under the ticker symbol “UTAA,” the Cayman Islands-based UTA Acquisition Corp. will specifically target gaming, the creator economy and adjacent areas. SPACs are also known as “blank-check” companies, and have the obligation to complete acquisitions in order to form newly defined entities. A number of SPACs have launched in the entertainment sector over the last couple of years.

Endeavor Group Holdings, after abandoning an IPO in 2019, carried through with the plan last spring and now trades on the New York Stock Exchange. CAA’s recent acquisition of ICM Partners has revived longtime speculation that the major agency is apt to pursue a stock offering.

With 20 million shares set to trade at $10 each, the value of the new entity is projected to generate $200 million. The company had filed with the SEC in November but announced final plans today after the close of the trading day.

While the SPAC space is crowded, the UTA effort involves a number of notable names and looks to leverage the agency’s longtime gaming efforts. The chairman of the new entity is Reggie Fils-Aimé, the well-known former president of Nintendo of America. The CEOs are former Google business development exec Jamie Sharp and Clinton Foy, head of UTA’s investment arm. UTAA’s president is Ophir Lupu, head of the agency’s video game division. Board members include former CBS and Microsoft exec Nancy Tellem and Reddit co-founder and investor Alexis Ohanian. In a separate move, Ohanian recently signed as a client with UTA.

UTA did not offer any comment beyond the contents of the filings, citing regulatory rules.

Must Read Stories

Cobie Smulders To Reprise MCU Role As Maria Hill In Disney+ Series ‘Secret Invasion’

Johnny Depp Movie ‘Minamata’ Finally Getting A U.S. Release — But Not With MGM

First U.S. Omicron Case Found In California; Euro Film Awards Go Digital: Latest

Cate Blanchett & Kevin Kline Lead Alfonso Cuarón Thriller Series ‘Disclaimer’ For Apple

Read More About:

Source: Read Full Article