March 30 (Reuters) - A blank-check firm backed by Edgar Bronfman Jr., the former chief executive officer of Warner Music Group Corp, on Tuesday filed to raise $300 million in an initial public offering in the U.S.
The firm, Waverley Capital Acquisition Corp 1, said in a filing that it would sell 30 million units, consisting of shares and warrants, at $10 each. (bit.ly/3czD47t)
Bronfman, who was also the CEO of Universal Studios, moved WMG rapidly into the digital side of the music business, upping its sales and market share despite the overall decline industrywide.
The special purpose acquisition company (SPAC) is also backed by an entity tied to venture capital firm Waverley, which has invested in Roku Inc, fuboTV and Matterport, the prospectus showed.
Waverley Capital Acquisition said it would mainly focus on acquiring a company in the media, technology or entertainment industry for a merger.
SPACs, though listed on exchanges, have no business operations. They use capital raised through an IPO to merge with a private firm, in a deal that takes it public.
These blank-check vehicles, which are favoured by companies aiming to go public with less regulatory scrutiny, have raised billions in the U.S., but have been met with a tepid response in Europe.
Evercore ISI and Morgan Stanley were the underwriters for the offering.
Reporting by Niket Nishant in Bengaluru; Editing by Amy Caren Daniel