Dating-App Industry Veteran Sam Yagan Files For New SPAC, Looking To Raise $200 Million
Sam Yagan, formerly of OKCupid and Match Group, could be trying to capitalize on the momentum seen this week in the dating-app industry with the blockbuster IPO of Bumble Inc (NASDAQ: BMBL).
What Happened: Sam Yagan, CEO of Corazon Capital, has filed to form a SPAC called Corazon Capital V838 Monoceros Corp. He is CEO of the new entity as well.
The company seeks to raise $200 million by selling 20 million units for $10 each. A unit includes one share and one-third of one redeemable warrant. The warrant allows the holder to buy another share for $11.50.
Social media and dating are listed among the SPAC's possible target sectors.
The SPAC would be listed on Nasdaq under the ticker symbol CRZNU.
Yagan previously headed Match Group Inc (NASDAQ: MTCH) and OKCupid, as well other companies such as SparkNotes and ShopRunner. SparkNotes was later acquired by Barnes & Noble, and ShopRunner was bought by FedEx Corporation (NYSE: FDX). OKCupid was bought by Match Group and InterActive Corp.
Why It Matters: Not only are SPACs hot, but so is the dating-app space. On Thursday, Bumble raised $2.2 billion in its IPO.
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