26 Capital Acquisition Corp is a blank check company established in 2020 to merge with one or more businesses in the gaming, sports, media, and entertainment industries. The company is headquartered in New York and led by CEO Jason Ader, who has years of experience in the gaming and entertainment industries.
The company raised $240 million in its initial public offering in October 2020. It began trading on the NASDAQ stock exchange under the ticker symbol "ADERU." The company's units were initially priced at $10 each, with each unit consisting of one share of common stock and one-half of a warrant to purchase an additional share at $11.50.
As a blank check company, 26 Capital Acquisition Corp has no operations or revenue. Instead, it is seeking to merge with an operating company that it deems to be a suitable business in its target industries. The company has until October 2022 to identify a merger target or return the funds raised in its IPO to its investors.
The team at 26 Capital Acquisition Corp has a wealth of experience in the gaming, sports, media, and entertainment industries. CEO Jason Ader is a well-known figure in the gaming industry, having served as CEO of Las Vegas Sands Corp's now-defunct Macau unit. He is also the founder of SpringOwl Asset Management, which specializes in investing in gaming and hospitality companies.
Other key members of the 26 Capital Acquisition Corp team include CFO Alex Coleman, who previously served as CFO of DraftKings, and COO Jeff Sagansky, a media industry veteran who has held executive positions at CBS, Sony Pictures Entertainment, and other major media companies.
26 Capital Acquisition Corp is a blank check company with a clear focus on the gaming, sports, media, and entertainment industries. With a strong team of experienced executives and a significant amount of capital raised in its IPO, the company is well-positioned to identify and merge with a suitable operating company in its target industries.