Experience investment corp(EIC) is a special purpose acquisition company(SPAC) that completed its IPO and started trading on the NASDAQ in 2020. As a newly listed SPAC, EIC has generated much interest from investors who are looking for potential acquisition targets and business combinations. In this article, we will look at some of the key developments and news events relating to EIC since its market debut.
EIC raises significant capital through IPO to search for acquisition targets
As a newly formed SPAC, the most critical initial event for EIC was completing its IPO to raise capital that will be used to pursue a merger or acquisition. In July 2020, EIC raised $350 million through its IPO to search for a business combination target in the travel, financial services, health services, and entertainment industries. The sizable IPO demonstrates strong investor demand for EIC stock and gives the company substantial capital to evaluate potential targets.
EIC expands leadership with key executive appointments
Following its IPO, EIC moved to build up its leadership team by appointing several new executives. In December 2020, EIC appointed Michael Zeisser as senior advisor to the board. Zeisser brings experience from consumer and technology companies like Airbnb. In March 2021, Rob Wolfson was appointed CFO of EIC, bringing financial leadership skills from SPAC deals like GoHealth. These executive appointments demonstrate EIC is focused on adding talent and expertise as it searches for an ideal acquisition target.
EIC identifies several potential business combination targets
In recent months, various media reports have speculated on potential acquisition targets being evaluated by EIC. In late 2020, EIC was linked to Symbol, a Brazilian financial services company. More recent reports from 2021 suggest EIC has looked at deals with companies like MetroMile, Clear Secure, and Aspiration. While actual targets remain uncertain, this news indicates EIC is actively evaluating deals across fintech, insuretech, and other hot sectors.
EIC extends timeline for completing a business combination
In September 2021, shareholders of EIC voted to extend the SPAC’s window for completing a deal by 3 months to December 2022. The extension indicates EIC needs more time to find an ideal target and close a transaction. While some investors may grow impatient, the extension optimizes EIC’s chance of finding a merger partner that can deliver strong long-term value creation.
Since its IPO in 2020, Experience investment corp has made steady progress in building up its leadership team, raising capital, and identifying potential acquisition targets. While the right deal has yet to emerge, the latest updates suggest EIC remains actively focused on securing a business combination that can generate strong returns for its shareholders.