Billionaire Sternlicht Goes Bigger Again in SPAC Streak
- Investor upsizes fifth SPAC in a row amid flight to quality
- Deal marks comeback for former Qualcomm chief Paul Jacobs
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Property billionaire Barry Sternlicht has once again increased the size of a special purpose acquisition company, a trick that others are finding harder to pull off in a cooling SPAC market.
Sternlicht’s Jaws Juggernaut Acquisition Corp. raised $240 million in its U.S. initial public offering after boosting the size of the deal by 20%, according to a statement late Thursday. The SPAC is the fifth in a series raised by Sternlicht since the beginning of last year -- all with “Jaws” in the name -- and he’s achieved the rare feat of upsizing every one of them. Equity units jumped 0.7% to $10.07 on Friday as of 12:41 p.m. in New York.