Zillow And Hotwire Founder Spencer Rascoff Launches SPAC

TODAY ONLY! For only $7, you can get 2 winning options trade alerts every month! Click Here to See Trade Ideas! (Risk-free with a 14 day refund guarantee)

Serial entrepreneur Spencer Rascoff announced plans to launch a SPAC on Friday.

The Management Team: Supernova Partners Acquisition Company SPNV was formed by Spencer Rascoff, Alexander Klabin, Robert Reid and Michael Clifton.

Spencer Rascoff will serve as the co-chairman of this SPAC. Rascoff is the co-founder of Zillow Group Z, Hotwire and dotLA. Rascoff served as the CEO of Zillow for over 10 years where he led the company through more than 15 acquisitions, including of its largest rival Trulia.

Rascoff helped lead the IPO efforts for Zillow, whose shares are up more than 250% over the last five years.

Rascoff also led the sale of Hotwire to Expedia EXPE for $685 million.

JPMorgan JPM will serve as the underwriter on this SPAC.

The Offering: Supernova Partners Acquisition will offer 30 million units at a price point of $10 to raise $300 million. Each unit will include one common share and one-third of a warrant to buy a share at $11.50. Common shares will trade on the NYSE under the symbol SPNV.

About Supernova Partners Acquisition: The team plans to partner with an “advantaged growth company that benefits from thematic shifts and tech-enabled trends.”

The SPAC will focus on a company that has a large addressable market, a well-defined vision, competitive moats and the ability to scale its operations. “We expect to complete a business combination that pairs significant upside potential with limited downside risks.”

Courtesy image

If you are not using this trading strategy, you are leaving money on the table...

If you are blindly looking up and trading stocks the way 99% of traders are, you are missing on HUGE potential returns. Even new traders who started following this option trading strategy instantly began seeing returns they wouldn't have had otherwise. With even two trades per month with this strategy, you will start seeing the difference in your trading account. Don't waste any more time "guessing" and "getting lucky". Click Here to See if you Qualify for Benzinga Options!

For today only, we are gifting away our Benzinga Options Starter newsletter for only $7. This includes two heavily researched trades per month from lead trader, Nic Chahine. For the same cost of a cup of coffee, less than the cost of a Netflix subscription and less than the average order at McDonalds you will receive top tier education and winning trade alerts to maximize your portfolio returns. This also includes a 14 day full money-back guarantee if you cancel. There is absolutely no risk!  Click Here Now to Get Started! 

Posted In: Alexander KlabinHotwireMichael CliftonRobert ReidSPACSPACsSpencer RascoffM&ANewsIPOs
Get Alerts to Your Inbox
Create a Benzinga.com account for news on the stocks and cryptocurrencies you care about!