Sports Entertainment Acquisition Corp. Announces Pricing of Upsized $400 Million Initial Public Offering

NORTH PALM BEACH, Fla., Oct. 2, 2020 /PRNewswire/ -- Sports Entertainment Acquisition Corp. (the "Company") today announced the pricing of its upsized initial public offering of 40,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the New York Stock Exchange under the ticker symbol "SEAH.U" beginning today, October 2, 2020. Each unit consists of one share of the Company's Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the New York Stock Exchange under the symbols ''SEAH'' and ''SEAH WS,'' respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company's efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on the sports and entertainment sectors as well as the technology and services that are associated with these verticals.

Goldman Sachs & Co. LLC and PJT Partners LP are acting as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to 6,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282; telephone: (866) 471-2526, email: Prospectus-ny@ny.email.gs.com.

A registration statement relating to the securities, as well as a related registration statement on Form S-1MEF filed with the Securities and Exchange Commission (the "SEC") pursuant to Rule 462(b) under the Securities Act of 1933, as amended, became effective on October 1, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is expected to close on October 6, 2020, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the Company's plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. 

Contact:
Sports Entertainment Acquisition Corp.
561.402.0741
Jcollins@seahllc.com

SOURCE Sports Entertainment Acquisition Corp.