Special purpose acquisition company (SPAC) Bullpen Parlay Acquisition Company - founded by two former FanDuel executives - has started trading its 20 million units on the Nasdaq stock exchange.
Its management team includes executive chairman Paul Martino, who helped lead the FanDuel’s acquisition by Flutter in 2018. Martino was a member of the FanDuel board of directors from 2012 to 2017. Most recently Martino has led a new endeavor with Bankroll, an enterprise looking to build a 24,000 square foot sports betting lounge in Philadelphia
David VanEgmond is serving as Bullpen Parlay’s CEO. VanEgmond is the founder and CEO of Bettor Capital, a sports betting investment platform. Previously he was head of strategy at Barstool Sports, where he led its partnership with Penn National Gaming. He was also an executive at FanDuel during its acquisition by Flutter.
Melissa Blau will also join Bullpen parlay’s board as a director. Blau is the founder and director of igaming consulting business iGaming Capital. Since 2014 she has managed an igaming and sports betting affiliate business in New Jersey, which she founded herself.
Brett Calapp is also a company director. He founded Shadow Fox Technology Inc and has worked there since 2018. Prior to this he founded entertainment company ClubWPT for the World Poker Tour and was the chief social gaming officer at Pala Interactive.
On 3 December, Bullpen Parlay priced its IPO at $10 per unit, with 20 million units on offer.
The units, which include one class A ordinary share and half of one redeemable warrant each, can now be listed on the Nasdaq stock exchange
The purchase of a whole redeemable warrant allows the purchase of one class A ordinary share for $11.50.
The class A ordinary shares will trade under the ticker symbol BPAC, while the warrants will trade under BPACW.
The SPAC expects to raise $200m from the IPO, with the potential addition of $30m if bookrunners CitiGroup takes up an offer to acquire units.
Bullpen Parlay stated that if the business combination does not take place within 18 months of the trading deadline then they would redeem 100% of the public shares for cash.
Company (NASDAQ: BPAC) (the "Company") today announced the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit, which includes 3,000,000 units issued pursuant to the exercise of the underwriter’s over-allotment option, for aggregate gross proceeds to the Company of $230,000,000. The Company’s units began trading on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "BPAC.U" on December 3, 2021. Each unit issued in the offering consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "BPAC," and "BPACW," respectively.
Citigroup Global Markets Inc. acted as the sole book-running manager in the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") and became effective on December 2, 2021. The offering was made only by means of a prospectus, copies of which may be obtained, when available, by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: 800-831-9146. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a 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.
About Bullpen Parlay Acquisition Company
Bullpen Parlay Acquisition Company is a newly incorporated blank check company formed as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, including those set forth in the risk factors section of the prospectus used in connection with the Company’s initial public offering, which could cause actual results to differ from the forward- looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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Bullpen Parlay Acquisition Company
David VanEgmond, CEO