Jaws Acquisition Corp., the debut SPAC from Barry Sternlicht, which initially filed last Thursday for a $400 million SPAC, has already upsized to $500 million, keeping up with the trend of BIG SPACs looking for BIG game.
Additionally, we have additional underwriters added to the cover with Morgan Stanley and Citigroup joining Credit Suisse, with Credit Suisse as lead book running manager.
The terms remain as 24 months, 1/3 warrant included in the unit, but we do have two new board members that have been added to the team – Michael Baldock and Benjamin Weprin.
Lastly, we finally have some symbols for this SPAC, but they went with JWS.U, rather than JAWS.U, which would have pretty cool. Most likely, JAWS wasn’t available.
Regardless, if you like the deal at $400 million, you’ll still probably like it at $500 million. The terms haven’t changed. However, given the poor performance of this week’s SPAC IPOs, investors might be circling this fish to see what they can bite off. Jaws will be one to watch closely to see how it trades.
Revised summary of terms below: