USHG Acquisition Corp., a blank-check company led by Shake Shack founder Danny Meyer, filed to raise $250 million in an initial public offering.

Meyer, who is chairman of the special purpose acquisition company, is chief executive officer of Union Square Hospitality Group LLC, which has operated more than 20 restaurants and bars, according to the SPAC’s filing Friday with the U.S. Securities and Exchange Commission.

USHG’s CEO is Adam Sokoloff, a former managing director at the private equity firm Carlyle Group Inc. who is now a managing partner at Asgard Capital Partners. Meyer and Sokoloff join a horde of high-profile executives and investors in a record-shattering rush of SPAC listings

Once an obscure investment vehicle, SPACs last year raised $83 billion on U.S. exchanges, accounting for about 46% of the total of all IPOs, according to data compiled by Bloomberg. This year, 117 SPACs have already raised more than $35 billion, which are on pace for another record year.


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Source: BNN Bloomberg

By Michael Hytha