A blank-check firm backed by former New York Yankees slugger Alex Rodriguez and hedge fund Antara Capital is aiming to raise about $500 million in its initial public offering, a regulatory filing showed Thursday.
Slam Corp., a special purpose acquisition company, said it would sell 50 million units, comprising shares and warrants, priced at $10 apiece in the IPO.
A SPAC is a shell company that raises money in an IPO to merge with a privately held company, turning it into a publicly traded firm.
Slam Corp. is backed by Rodriguez’s A-Rod Corp., which invests in startups and other companies.
Rodriguez, a 14-time major league All-Star who is in a relationship with pop star and actress Jennifer Lopez, founded A-Rod Corp. in 2003.
SPACs have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised.
Slam Corp. said its Class A ordinary shares and warrants, comprising the units, will begin separate trading on Nasdaq under the symbols “SLAM” and “SLAMW”.
Goldman Sachs and BTIG are the underwriters for the offering.