Sports Entertainment Acquisition raises $400 million in upsized IPO

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Sports Entertainment Acquisition said Friday it upsized its initial public offering to 40 million units to raise $400 million. Shares of the special purpose acquisition corporation, or SPAC, will start trading on the New York Stock Exchange later Friday, under the ticker “SEAH.U.” SPACs are vehicles that raise money in an IPO and place it in trust, while they seek to acquire a business, or businesses. Sports Entertainment will focus on the sports arena. SPACs have been around since the 1980s but have become a juggernaut this year raising record amounts of funds. Each unit is priced at $10 and comprises one class A common stock and one half of a warrant entitling the holder to purchase one share priced at $11.50. Goldman Sachs and PJT Partners were joint bookrunners on the deal.
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