Greenlight Capital, the elude monetary fund course by moneyman and poker game participant Saint David Einhorn, sold its post inward special design acquisition society (SPAC) Sports Entertainment Acquisition Corp. (NYSE:SEAH) in the endorsement quarter.
Sports Entertainment is serving as the vehicle through which Super Group, the parent troupe of worldwide online sports betting operator Betway, will turn public. The parties announced 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 situation inwards the blank-check society at some tip during the June quarter. But the filing doesn’t specialise when that sales event occurred, so it’s not readable if Einhorn’s hedging fund held shares into the Super Group merger announcement, or if it was come out prior to that news comme il faut public.
Professional investors, including evade pecuniary resource such as Greenlight, are required past jurisprudence to disclose holdings within 45 days of the end of the prior quarter.
Sports Entertainment John Cash in
While the SPAC remains active, including inward the gaming industry, part prices cooled sour considerably as market participants questioned the sweetie nature of these deals for blank-check sponsors, and the acetify performances of many de-SPACed companies.
In the grammatical case of Sports Entertainment Acquisition, that bank-check gillyflower was trading around $9.80 when the Super Group merger was announced. The buy in later ran to its heights of $10.85, and gradually traded let down from there, closure at $9.91 on Monday. Depending on when Greenlight bought the stock, it appears likely the parry fund made a small turn a profit on the trade.
At the clip the trade was proclaimed and with the aforementioned a pre-equity valuation of $4.75 billion, Super Group’s merger with Sports Entertainment represents unity of the largest combinations to particular date 'tween a SPAC and a gaming company.
Betway has marketplace get at to 10 states, including human dynamo sports wagering markets such as Colorado, Indiana, Iowa, New Jersey, and Pennsylvania.
Einhorn Maintains SPAC, Gaming Exposure
While Sports Entertainment Acquisition is no more thirster constituent of the Greenlight portfolio, Einhorn’s dodge monetary fund relieve has exposure to gaming equities and companies that came to market place via blank-check transactions.
For example, I of the fund’s unexampled positions is Playboy Group (NASDAQ:PLBY), which came public over again earlier this twelvemonth following a merger with a SPAC. Playboy has some gaming exposure and is said to live interested inward to a greater extent deals inward the industry.
Greenlight also owns stakes inwards sports betting information provider Genius Sports (NYSE:GENI) — another de-SPACed society — and streaming religious service provider fuboTV (NYSE:FUBO). Einhorn’s put off monetary fund was an too soon investor in fuboTV and is bullish on the company’s prospects as they relate to the still-nascent in-game betting market.
Greenlight also holds a attitude inward societal gambling casino developer Playstudios (NASDAQ:MYPS), which went public inward June followers a SPAC transaction.
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