ESH Acquisition Prices $100M IPO

ESH Acquisition priced its initial public offering of 10 million units at $10 each.

The units list on the Nasdaq and began trading today under the ticker symbol ESHAU. Each consists of one share and one right that entitles the holder to receive one-tenth of a share.

The new SPAC, which initially registered the offering more than a year ago, is broadly focused on , hospitality, and the music and entertainment sectors.

The initial S-1 registration listed NBA hall of famer Magic Johnson as chairman of the SPAC's board, although in amended filings he is no longer mentioned as a member of the board. In his stead is director nominee Christina Francis, president of Magic Johnson Enterprises.

Chairman Allen Weiss from 1972 to 2011 worked at Disney in various executive roles. From 1994 to 2003, Weiss served as president of Walt Disney World and from 2003 to 2011 as the president of World Wide Operations for Disney's $10 Billion/95,000 employee Walt Disney Parks and Resorts business. 

After the securities begin separate trading, shares and rights are expected to be listed under the symbols ESHA and ESHAR.

The offering is expected to close June 16.

I-Bankers Securities and IB Capital are joint book-running managers for the offering and Dawson James Securities is co-manager. Read more.

Source: ESH Acquisition Prices 0M IPO