Greenlight Capital, the evade fund execute by moneyman and poker participant St. David Einhorn, sold its post in special design acquisition companionship (SPAC) Sports Entertainment Acquisition Corp. (NYSE:SEAH) inward the indorse quarter.
Sports Entertainment is serving as the vehicle through and through which Super Group, the parent companion of planetary online sports betting manipulator Betway, testament move public. The parties proclaimed a merger with a pre-equity valuation of $4.75 billion inward April.
In a 13F filing with the Securities and Exchange Commission (SEC), Greenlight revealed it liquidated its perspective inward the blank-check troupe at some point in time during the June quarter, but the filing doesn’t particularise when that sales agreement occurred so it’s not clean-cut if Einhorn’s elude monetary fund held shares into the Super Group merger announcement or if it was come out prior to that tidings decorous public.
Professional investors, including hedging pecuniary resource such as Greenlight, are required past jurisprudence to expose holdings within 45 days of the finish of the prior quarter.
Einhorn May Have Modestly Cashed inward on Sports Entertainment
While the SPAC remains active, including inwards the gaming industry, deal prices cooled turned considerably as market participants questioned the sweetheart nature of these deals for blank-check sponsors and the sour performances of many de-SPACed companies.
In the caseful of Sports Entertainment Acquisition, that bank-check stock up was trading around $9.80 when the Super Group merger was announced. The stockpile subsequently ran to its high-pitched of $10.85 and step by step traded bring down from there, closure at $9.91 on Monday. Depending on when Greenlight bought the stock, it appears likely the hedging fund made a modest turn a profit on the trade.
At the clip the sell was proclaimed and with the aforementioned a pre-equity valuation of $4.75 billion, Super Group’s merger with Sports Entertainment represents I of the largest combinations to day of the month 'tween a SPAC and a gaming company.
Betway has market place get at to 10 states, including powerhouse sports wagering markets such as Colorado, Indiana, Iowa, New Jersey, and Pennsylvania.
Einhorn Maintains SPAC, Gaming Exposure
While Sports Entertainment Acquisition is no yearner portion of the Greenlight portfolio, Einhorn’s fudge monetary fund relieve has exposure to gaming equities and companies that came to market via blank-check transactions.
For example, one of the fund’s unexampled positions is Playboy Group (NASDAQ:PLBY), which came public over again before this yr following a merger with a SPAC. Playboy has some gaming exposure and is said to live interested in to a greater extent deals inwards the industry.
Greenlight also owns stakes inwards sports betting data provider Genius Sports (NYSE:GENI) — another de-SPACed accompany — and streaming religious service provider fuboTV (NYSE:FUBO). Einhorn’s skirt monetary fund was an early investor in fuboTV and is bullish on the company’s prospects as they interrelate to the stock-still nascent in-game betting market.
Greenlight also holds a berth inwards societal gambling casino developer Playstudios (NASDAQ:MYPS), which went public in June followers a SPAC transaction.
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