IPOs

SPAC Jaws Juggernaut Acquisition, chaired by Barry Sternlicht, files for a $200 million IPO

Jaws Juggernaut Acquisition, a blank check company formed by Barry Sternlicht and the founders of XCOM Labs, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Miami Beach, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Jaws Juggernaut Acquisition would command a market value of $250 million.

The company is led by Chairman Barry Sternlicht, the founder and CEO of Starwood Capital and Starwood Property Trust (NYSE: STWD), and CEO and Director Paul Jacobs, co-founder and CEO of wireless technology company XCOM Labs. XCOM co-founder and Executive Vice Chairman Derek Aberle serves as a Director.

Jaws Juggernaut Acquisition plans to target wireless communications and related technology/product/service businesses that have attractive growth-oriented characteristics and strong underlying demand drivers. The company may consider merging with XCOM Labs concurrently with its initial business combination, but will not complete a combination with only XCOM Labs.

Sternlicht's previous SPACs include February 2021 IPO Jaws Mustang Acquisition (JWSM.U; +6% from $10 offer price), December 2020 IPO Jaws Spitfire Acquisition (SPFR.U; +22%), and May 2020 IPO Jaws Acquisition (JWS; +60%), which is pending a combination with value-based care delivery platform for seniors Cano Health.

Jaws Juggernaut Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol JUGGU. Credit Suisse is the sole bookrunner on the deal.

The article SPAC Jaws Juggernaut Acquisition, chaired by Barry Sternlicht, files for a $200 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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