IPOs

Entertainment and gaming SPAC Tekkorp Digital Acquisition lowers deal size by 17% ahead of $250 million IPO

Tekkorp Digital Acquisition, a blank check company formed by Tekkorp Capital targeting the digital media and leisure industries, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Las Vegas, NV-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Insiders intend to purchase $20 million worth of units in the offering. At the revised deal size, Tekkorp Digital Acquisition will raise -17% less in proceeds than previously anticipated

The company is led by CEO and Director Matthew Davey, founder of Tekkorp Capital and former CEO of NYX Gaming Group, and Chairman Morris Bailey, the owner of Resorts Atlantic City. The company plans to target businesses in digital media, sports, entertainment, leisure, or gaming industries.

Tekkorp Digital Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol TEKKU. Jefferies is the sole bookrunner on the deal. It is expected to price during the week of October 19, 2020.

The article Entertainment and gaming SPAC Tekkorp Digital Acquisition lowers deal size by 17% ahead of $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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