Tilman Fertitta and Jefferies Financial Group Inc. have joined forces for a third “blank check” company, seeking to raise $500 million for what they are calling Landcadia Holdings III Inc.
The partners late Thursday said the initial public offering of 50,000,000 units had been priced at $10 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “LCYAU” beginning on Oct. 9.
In a filing with the Securities and Exchange Commission, the company said each unit would consist of one share of Class A common stock and one-third of one redeemable warrant to purchase one share of the Class A common stock at a price of $11.50 per share.
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In a statement, the company said, “While the company may pursue an initial business combination target in any industry, the company intends to focus its search on investment opportunities in the consumer, dining, hospitality, entertainment and gaming industries, including technology companies operating in these industries.”
Fertitta, the billionaire owner of Landry’s Inc. and the Houston Rockets, will serve as co-chairman and chief executive. Richard Handler, chairman and chief executive of Jefferies, will be its co-chairman and president.
In 2016, Fertitta and Jefferies raised $250 million through Landcadia Holdings, which was used to acquire food delivery startup Waitr in November 2018 for $308 million.
In May 2019, the partners raised $316 million for Lancadia Holdings II, which in June became a vehicle to take Fertitta’s online gaming business public as Golden Nugget Online Gaming Inc.