SHOT is now a SPAC with ~$200M in trust seeking a business combination. Monitor for target announcements, shareholder vote, and redemption levels. Stock will trade near trust value (~$10/share) until a deal is announced and evaluated.
Price Chart
Executive Summary
RMG ML Sports Holdings (SHOT) filed an 8-K reporting the completion of its initial public offering of 20,000,000 units at $10.00 per unit, raising $200 million in gross proceeds. The filing also includes the execution of related agreements (underwriting, registration rights, trust) and the adoption of amended charter documents establishing a SPAC structure with a 21-month completion window for a business combination. This is a routine IPO for a blank-check company with no operating business—the key event is the trust account funding.
Key Financial Metrics
Key Facts
- IPO of 20,000,000 units at $10.00/unit; underwriter option for 3,000,000 additional units
- Gross proceeds of $200,000,000 ($199,750,000 net of $0.0125/unit commission) deposited in trust account
- Sponsor purchased 210,000 private placement units at $10.00/unit ($2,100,000)
- Founder shares: 7,666,667 Class B ordinary shares (up to 1,000,000 subject to forfeiture based on over-allotment exercise)
- Business combination must close within 21 months of IPO closing; otherwise company liquidates
- Amended and restated memorandum and articles of association adopted (SPAC-specific provisions, trust account, redemption rights)
- Underwriter: Santander US Capital Markets LLC (sole book-runner)
Financial Impact
IPO raised $200 million gross / ~$199.75 million net deposited in trust; sponsor contributed $2.1 million in private placement. Total trust account approximately $201.85 million at closing.
Risk Factors
- Failure to complete a business combination within 21 months leads to liquidation and return of trust proceeds to public shareholders
- High redemption rates on any proposed deal could collapse the trust and scuttle the transaction
- SPAC structure carries embedded dilution from founders' shares, private placement, and deferred underwriting fees
- No operating business or revenue; valuation depends entirely on future acquisition
Market Snapshot
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-067856 |
| Document: ea029444401ex1-1.htm | 0001213900-26-067856 |
| Document: ea029444401ex10-3.htm | 0001213900-26-067856 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 17, 2026 18w ago | 8-K | — | awaiting T+20 | — | — |
Jun 15, 2026 19w ago | 8-K | — | awaiting T+20 | — | — |
Jun 11, 2026 19w ago | 8-K | — | awaiting T+20 | — | — |
Jun 9, 2026 19w ago | Press Release | — | awaiting T+20 | — | — |
US Market Status
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