Want To Launch A SPAC? With $100,000 You Might Be Able To: Report

Despite a record number of SPACs being launched in 2021, the offerings show no signs of slowing down. A new SPAC showcases a unique twist for the people behind it.

What Happened: A handful of SPACs have launched with celebrities and athletes attached as advisors and board members. A new SPAC will allow main street investors the chance to become the sponsors of the new offering.

The People’s SPAC is seeking to disrupt the status quo by offering accredited investors the ability to invest $100,000 to become a sponsor of the new SPAC, according to Bloomberg.

Related Link: 10 Top SPAC Picks For Investors To Consider In 2021

About the SPAC: Investors will receive sponsor equity and favorable terms for being involved with the SPAC. The People’s SPAC is led by Edward Frazier, co-founder of Trinity Group; Warren Rogers from Downing Ventures and Khing Oei, a former hedge fund executive.

No details are out on the potential listing date, funding goal or ticker. The SPAC was referred to as The People’s SPAC and “OurSPAC” according to the report.

See also: How to Invest in SPACs 

The SPAC will seek to find a Western European company in the software, gaming, media or entertainment sectors.

The management team is interviewing underwriters and negotiating equity amounts for potential accredited investors currently.

Related Link: Want to learn even more about SPACs? Tune into Benzinga's "SPACs Attack" hosted by Chris Katje and Mitch Hoch on YouTube.

(Photo: Giorgio Trovato via Unsplash)