Why IG Acquisition Could Be Attractive SPAC In Gaming Space

The ZingerNation Power Hour took a look at some sports betting stocks and SPACs with special guest Dan Cahill.

What Happened: Cahill joined show hosts Jason Raznick and Luke Jacobi to share his thoughts on names like GAN Limited GAN, Lancadia Holdings II LCA, dMY Technology Group II DMYD, DraftKings Inc DKNG and dMY Technology Group DMYT.

Related Link: Genius Sports SPAC: A Look At The Thing Behind The Thing For Sports Betting

Cahill’s Pick: Cahill said he's looking to find SPACs trading around their net asset value and found a couple in the online gaming space that are attractive. His pick is IG Acquisition Corp IGAC.

“Led by Bradley Tusk of Tusk Ventures and also Christian Goode, part of Ivory Gaming Group,” Cahill said on the leadership team.

IG Acquisition is targeting the gaming and hospitality space. Tusk invested in a lot of startups including Ripple and FanDuel.

“Companies that are innovative and disruptive,” according to Cahill.

Goode was the prior President of Genting Americas, which owns two gaming properties in New York. The SPAC also has Ed Farrell as a leader, who is the former President of Resorts World Las Vegas, according to Casino.org. 

Share Price: Cahill said the units of IG Acquisition Corp IGACU trading as IGACU are attractive as they come with one half a warrant. With units trading at $10.40 and warrants at $1.20, investors are getting a cost basis of $9.80.

The trust grows as interest compounds, said Cahill: “You have basically no downside risk and unlimited upside risk.”

Price Action: Shares of IG Acquisition are trading at $9.86 and the units trade at $10.35.