New Use Of SPAC Subsidiaries Offers Another IPO Option

Law360 (January 22, 2021, 1:36 PM EST) -- A potentially transformational shift is occurring in the market for special purpose acquisition companies, as operating companies begin to form their own SPAC subsidiaries to raise cash to acquire a target and take the combined business public — in effect at least partially removing the blank from blank-check companies.  

Backed by Z Capital LLC, Affinity Gaming LLC is seeking to raise $150 million through a new SPAC subsidiary, Gaming & Hospitality Acquisition Corp., or GHAC. 

According to GHAC's Jan. 15 registration statement, Affinity Gaming and GHAC intend to merge Affinity Gaming with another company in the gaming and hospitality sector,...

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