ESH Cuts Offering by Two-Thirds Ahead of $100M IPO

ESH Acquisition in an amended said it now plans to offer 10 million units at $10 each, a 67% reduction from the 30 million units registered with the SEC a year ago this week.

A unit now consists of share and a right to receive one-tenth of a share. have been eliminated from the offering.

The new SPAC is broadly focused on sports, hospitality, and the music and entertainment sectors.

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. 

NBA hall of famer Magic Johnson is no longer a member of the SPAC's board, the amended S-1 shows. The initial S-1 listed the famed basketball player as chairman. In his stead is director nominee Christina Francis, president of Magic Johnson Enterprises.

Securities and IB Capital are joint book-running managers of the offering, with Dawson James Securities serving as co-manager.

The SPAC intends to apply to list the units, Class A common stock and rights on the Nasdaq under the symbols ESHU, ESH and ESHR, respectively. Read more.

Source: ESH Cuts Offering by Two-Thirds Ahead of 0M IPO