SBC News Jason Ader launches '26 Capital' SPAC on Nasdaq NY

Jason Ader launches ’26 Capital’ SPAC on Nasdaq NY

M&A developments continue apace in the US market, as ‘26 Capital Acquisition Corp’ filed its initial IPO offering with a listing this morning on the Nasdaq Capital Market.

Trading under the ticker ‘ADERU’, 26 Capital is the new ‘special purpose acquisition company’ (SPAC) of billionaire gambling investor Jason Ader, who serves as the company’s CEO.

Debuting on the Nasdaq exchange, 26 Capital has priced its initial public offering at 24 million class-A shares valued at $10 per unit. The SPAC will look to close its $240 million class-A public offering on Wednesday 20 January. 

In its IPO statement, 26 Capital defines itself as a ‘blank cheque company’, which will “concentrate its efforts in identifying high-quality businesses in the gaming and gaming technology, branded consumer, lodging and entertainment, or internet commerce sectors”.

Jason Ader is recognised as gambling’s most successful ‘activist investor’, having undertaken notable investments in bwin.party Entertainment, GVC Holdings and Playtech Plc through his New York hedge fund SpringOwl Asset Management.

Ader’s investment strategy has often clashed with corporate leadership and boards, having demanded drastic changes from companies that SpringOwl has invested in.

SPAC acquisitions featured prominently in the industry’s 2020 US agenda, as LA entertainment moguls Harry Sloan and Jeff Sagansky established Diamond Eagle Corp to acquire DraftKings. Meanwhile, industry observers await on further details of the forthcoming New York IPO of Genius Sports led by SPAC dMY Technology.

Speaking to SBC last year, Ader stated that he was monitoring US market developments closely and assessing how incumbents were ‘recalibrating to future unknowns caused by the COVID-19 pandemic.

SBC News Jason Ader launches '26 Capital' SPAC on Nasdaq NY

Check Also

EveryMatrix overcomes Germany hurdles to hit €65m profits

EveryMatrix content goes live with Golden Nugget in New Jersey and Michigan

EveryMatrix has expanded its presence in the states of New Jersey and Michigan by signing …

SBC News IMG ARENA: From Sleeping Giant to Revenue Driver: The Impact of Expanded Markets in Golf Betting

IMG ARENA: From Sleeping Giant to Revenue Driver: The Impact of Expanded Markets in Golf Betting

Rowan Northcott, IMG Arena’s Commercial Partnerships Manager for Golf, was joined by DraftKings’ Head of …

Catena Media

Catena appoints Sean Hurley as NED for new US vision

Catena Media has confirmed the appointment of Sean Hurley as a non-executive director (NED) of …