CuriosityStream Unveils Plans To Go Public Through Reverse Merger

CuriosityStream, a streaming service that produces documentaries on history, science and technology, is poised to become the latest company to go public through a merger with a special purpose acquisition company, or SPAC.

SPACs raise money through IPOs in order to buy startups and other promising, privately-held companies and take them public.

Software Acquisition Group, Inc., the SPAC in question, raised $150 million last fall through an IPO. The money will help finance a $331 million reverse merger by a unit of now publicly-traded Software Acquisition with CuriosityStream, which will be on the NASDAQ exchange under the trading symbol CURI upon completion of the deal.

Other companies that have become publicly traded through SPACs including Virgin Galactic, DraftKings, and pickup and semi-truck electric vehicle maker Nikola.

Existing shareholders of CuriosityStream, which was launched in 2015 by Discovery Channel Founder John Hendricks, will receive about 63 percent of the outstanding shares of common stock in the Software Acquisition Group after the closing of the merger, slated for the fourth quarter.

Once the deal is complete, Software Acquisition will change its name to CuriosityStream. Hendricks will remain chairman of the board and will be the combined company’s largest shareholder, retaining the same management team led by CuriosityStream President and CEO Clint Stinchcomb.

The deal will also leave the new, publicly-traded CuriosityStream with $180 million on its balance sheet, which the company plans to use to accelerate its expansion. During its first five years in business, CuriosityStream has built up a base of 13 million subscribers around the world, along with a library of 3,100 titles.

“We are excited to now have access to the public capital markets to support our growth plans and to over-deliver on our mission to provide content that informs, enchants and inspires,” Hendricks said in a press release.