Alex Rodriguez-backed SPAC looks to raise about $500M in IPO

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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.

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