Alex Rodriguez' SPAC "Slam" Files For $500 Million IPO

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by Tyler Durden
Thursday, Feb 04, 2021 - 05:45 PM

The Wallstreetbets euphoria will come and go, but for the clearest sign of an epic, ginormous bubble look no further than the unprecedented SPAC juggernaut, which after a record 2020 - in which 229 SPAC IPOs raised $76 billion in equity proceeds (59% of total US IPO capital raising), and up from just $13 billion in 2019 - just had a blowout month of January, in which the $16 billion raised was nearly half of the total amount raised in all of Q4.

One person who has certainly been "looking",is baseball legend Alex Rodriguez, whose SPAC called "Slam" filed for a $500 million initial public offering for 50 million units.

Slam was established by Rodriguez, whose official title is "investor and Chairman and Chief Executive Officer of A-Rod Corp." and founder, Managing Partner and Chief Investment Officer of Antara Capital Himanshu Gulati.

Slam intends to pursue investment opportunities, focusing on businesses in the sports, media, entertainment, health and wellness and consumer technology sectors, according to Bloomberg. However, the company doesn’t intend to target professional sports franchises.

Appropriately, the company plans to list its units on the Nasdaq under the symbol “SLAMU.” 50 million units will be listed with each unit having an offering price of $10 and consists of one Class A ordinary share and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, terms and limitations as described herein

Meanwhile, over at the macroprudential group at the Fed (i.e., the "bubble watchers")...