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(Reuters) -Angel Studios mentioned on Wednesday it could go public within the U.S. through a merger with blank-check agency Southport Acquisition Corp in a deal valued at $1.6 billion.
The corporate, whose film “Sound of Freedom” was among the many prime 10 highest grossers within the U.S. final 12 months, was co-founded in 2013 by CEO Neal Harmon.
Angel Studios generates income from licensing its movies and tv reveals to streaming platforms reminiscent of Amazon (NASDAQ:) Prime, Apple (NASDAQ:) TV+ and Netflix (NASDAQ:), together with theatrical distribution of its motion pictures.
The corporate’s Class A standard inventory is predicted to be listed on the New York Inventory Change or Nasdaq underneath the ticker image “AGSD” upon the closing of the transaction.
Current Angel Studios stockholders will roll 100% of their fairness into the mixed firm.
Angel Studios’ income rose to $45 million within the six months ended June 30, in contrast with $39 million a 12 months earlier.
Clean-check corporations, often known as particular function acquisition corporations, provide another path to companies to checklist their shares.
SPACs gained reputation in 2020 however have since seen a decline in curiosity as a result of strict regulatory oversight and difficult financial circumstances.
Final week, Semnur Prescribed drugs mentioned it could go public through a SPAC deal value $2.5 billion.
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