Benzinga | Sep 27, 2020 03:15PM EDT

Zillow And Hotwire Founder Spencer Rascoff Launches SPAC

Serial entrepreneur Spencer Rascoff announced plans to launch a SPAC on Friday.

The Management Team: Supernova Partners Acquisition Company (NYSE:SPNV) was formed by Spencer Rascoff, Alexander Klabin, Robert Reid and Michael Clifton.

Spencer Rascoff will serve as the co-chairman of this SPAC. Rascoff is the co-founder of Zillow Group (NASDAQ:Z), Hotwire and dotLA. Rascoff served as the CEO of Zillow for over 10 years where he led the company through more than 15 acquisitions, including of its largest rival Trulia.

Rascoff helped lead the IPO efforts for Zillow, whose shares are up more than 250% over the last five years.

Rascoff also led the sale of Hotwire to Expedia (NASDAQ:EXPE) for $685 million.

JPMorgan (NYSE:JPM) will serve as the underwriter on this SPAC.

The Offering: Supernova Partners Acquisition will offer 30 million units at a price point of $10 to raise $300 million. Each unit will include one common share and one-third of a warrant to buy a share at $11.50. Common shares will trade on the NYSE under the symbol SPNV.

About Supernova Partners Acquisition: The team plans to partner with an "advantaged growth company that benefits from thematic shifts and tech-enabled trends."

The SPAC will focus on a company that has a large addressable market, a well-defined vision, competitive moats and the ability to scale its operations. "We expect to complete a business combination that pairs significant upside potential with limited downside risks."

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