Photo by Alex J. Berliner
Led by former Nintendo Co., Ltd. President Reggie Fils-Aimé, the SPAC, UTA Acquisition Corp., began its listing on the Nasdaq under the ticker “UTAAU” on Thursday, Dec. 2.
UTA Acquisition has assembled some significant names for the SPAC’s board, including former CBS Entertainment and Microsoft executive Nancy Tellem, Reddit co-founder Alexis Ohanian, and Beachbody Company Chief Strategy Officer and former Legendary Entertainment exec Kathy Vrabeck.
According to the company’s S-1 filing with the SEC, it hopes to utilize the expertise of its sponsors, which include affiliates of UTA as well as financial advisory and merchant banking firm Connaught Ltd., to find a suitable merger partner.
Shares of the SPAC will be sold at $10 each, with 20 million planned for the IPO. That said, the breadth of options that the company is considering makes it less of a sure bet, even as it is shepherded by a leadership team whose members hold pedigrees in different industries. Among the risk factors detailed in the S-1 document, UTA Acquisition indicates that because it has not already chosen a “target business,” shareholders may not be entitled to protections that U.S. securities laws typically provide.
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