The Leadership Team: Alan G. Mnuchin will serve as the leader of Falcon Capital Acquisition. He serves on the Board of Directors of Flying Eagle, a company with a history of SPACs. He has prior history at Bear Stearns and Goldman Sachs (NYSE:GS), where he focused on the media segment.
Alan’s father Robert Mnuchin was a long-time member of Goldman Sachs, working there for 33 years. The elder Mnuchin is considered a pioneer of institutional equity and helped develop Goldman Sach’s block trading business. Brother Steven has been the Treasury Secretary since 2017 and also previously worked at Goldman Sachs.
Eagle Equity Partners will also participate in the SPAC. Jeff Sagansky will be a director for Falcon Capital Acquisition. His name is becoming well known in the SPAC segment, as he has been part of five completed SPACS and has one pending. This list of six includes DraftKings (NASDAQ:DKNG) and the recently announced acquisition of Skillz by Flying Eagle Acquisition (NYSE:FEAC).
The Offering: Falcon Capital will offer 30 million shares at $10 each to raise $300 million. Each share will come with one-third of a warrant to purchase a share at $11.50. Shares will trade on the NASDAQ under FCACU, with common shares eventually trading under FCAC.
Falcon Capital Acquisition: This SPAC is focusing on the media sector with a plan to acquire a company with business in media, digital media/consumer technology, or interactive entertainment.
Criteria for an investment includes being a business with significant revenue and earnings potential, potential to be a category leader, the ability to benefit from the management team, the potential to benefit from digital disruption, and being in a high growth market.