Industry veterans launch real-money gaming SPAC on Nasdaq
Raising $200m from its initial public offering, Bullpen Parlay aims to execute a business combination with one or more companies, allowing the business it combines with to go public. While it does not have a specific target in mind, it said it was looking toward sectors including real-money gaming, hospitality and leisure.
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.