Acies Acquisition II, the second special purpose acquisition company (SPAC) set up by the trio of Jim Murren, Daniel Fetters and Edward King, filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) Tuesday.
Acies Acquisition II is looking to raise up to $250 million via the IPO and follow in the footsteps of Acies Acquisition Corp and target a merger with a company from the gaming or hospitality industry.
The first SPAC of the trio of former MGM CEO Murren and Morgan Stanley veterans King and Fetters, Acies Acquisition Corp, went live in October 2020 via an IPO which managed to raise $215 million. Currently, the blank check company is in negotiations to merge with the developer of online social games Playstudios for a deal worth more than $1 billion.
Based in Manhattan Beach, California, the blank check company is offering 25 million units, each priced at $10. Each unit comprises of one share of common stock and one-fourth of a warrant, which could be exercised at $11.50. Set that way, the deal would allow the SPAC to command a market value of $313 million.
Management of Acies Acquisition II is represented by co-chief executive officers Daniel Fetters and Edward King, veterans from the field of investment banking with 20 years of experience at Morgan Stanley, and chaired by former chairman and chief executive officer at MGM Resorts International Jim Murren.
Jim Murren stepped down from the role at the Las Vegas-based gaming and hospitality operator in March 2020 and has a non-compete agreement with MGM throughout March 2022, while Daniel Fetters and Edward King were former managing directors at Morgan Stanley, in the mergers and acquisitions and global investment banking divisions, respectively.
The blank check company is planning to acquire a business from the entertainment industry, live, location-based or mobile, such as family entertainment, casino gaming, destination hospitality, sports, sports betting and iGaming company.
Acies II may also consider an acquisition of a consumer-facing brand or a business-to-business platform, with its primary focus being in the US, but also not excluding the possibility to acquire an international company.
Founded in 2021, Acies Acquisition II is planning to list on the NASDAQ under the symbol ATWOU upon completion of the IPO deal, which has Morgan Stanley, J.P. Morgan, and Oppenheimer & Co. as the joint book-runners.
