Leo Hindery’s second special purpose acquisition company (SPAC), Trine II Acquisition Co. said it plans to raise $360 million by selling 36 million units, consisting of one share and a half a warrant, for $10 per unit.

In its initial filing with the SEC in February Trine II said it planned to raise $425 million by selling 42.5 million shares at $10 each. 

SPACs are publicly held “blank check” companies formed to purchase or merge with another company. Trine II was formed to acquire companies in the telecom, media and technology industries.

Hindery is the former president of Tele-Communications Inc., CEO of AT&T Broadband and CEO of the YES Network.

Pierre M. Henry is CEO of Trine II and was also CEO of Trine I.

Trine I agreed to acquire 3D printing company Desktop Metal in August. 

Morgan Stanley is serving as the sole book-running manager for this offering. Trine II is expected to be listed on the New York Stock Exchange under the symbol TRAQ.

Cable legend Leo J. Hindery Jr., is attempting to raise about $425 million through his second special purpose acquisition company -- Trine II Acquisition Corp. -- to purchase a company in the media, telecom or technology space.

Hindery formed his first SPAC about two years ago -- Trine Acquisition Corp. -- raising about $261 million. Trine Acquisition agreed to purchase 3D printing technology company Desktop Metal in August in a deal that valued the company at about $2.5 billion. 

Trine II filed its prospectus with the Securities and Exchange Commission on Feb. 17.  The company plans to offer about 42.5 million shares at $10 each. Hindery and former Hemisphere Media head of corporate development Pierre Henry -- who was also his partner in the first Trine SPAC -- will lead the new venture. 

Other Trine II executives include EVP and general counsel Mark Coleman, who served in the same role at Trine II and Richard Miller, managing director of consulting firm Evora Partners, who will serve as EVP and chief financial officer of Trine II. The board of directors will include retired RBC Capital executive and former Daniels & Associates chief Brian Deevy; Desktop Metal chairman and CEO Ric Fulop; LightShed Ventures general partner Jamie Seltzer; Land’s End chairman Josephine Linden; Providence Strategic Growth executive Jim Moran; investment form Kay2 Ventures co-founder Jason Kay and LightShed Ventures general partner Jamie Seltzer. 

Hindery has a long history in the cable industry, serving as president of Tele-Communications Inc., CEO of AT&T Broadband and CEO of the YES Network, and has also been an investor in programming through InterMedia Partners.  

Trine II has 24 months to find an appropriate target, which must be valued at at least 80% of the money raised by the SPAC.

Related: SPACs: The New Final Frontier

Also called “blank check companies,” SPACs have become a wildly popular way to take private companies public. Last August, documentary-focused streamer CuriosityStream agreed to merge with Software Acquisition Group in a deal that  valued it at more than $500 million. According to SPACInsider, SPACs are on a pace to shatter another record this year, with 158 of the investment vehicles created in 2021, raising about $48.1 billion. Last  year 248 SPACs were formed -- nearly five times the previous year -- raising more than $83 billion.

Cable legend Leo J. Hindery Jr.’s special purpose acquisition company Trine Acquisition Corp. has agreed to merge with Desktop Metal in a deal that will value the 3D printing technology company at about $2.5 billion.

Hindery formed Trine in March 2019, raising about $261 million in an initial public offering, with the intention of purchasing a company in the media or tech space. SPACs, also called “blank check companies,” are becoming an increasingly popular vehicle for smaller companies to go public. Earlier this month, documentary-focused streamer CuriosityStream agreed to merge with Software Acquisition Group in a deal that will  value it at more than $500 million.

In the Desktop Metal deal, Trine partnered with HPS Investment Partners, a global credit investment firm with over $60 billion in assets under management. After the deal closes, expected in the fourth quarter, the combined operating company will be named Desktop Metal, Inc. and will continue to be listed on the New York Stock Exchange and trade under the ticker symbol “DM.”

As part of the deal, Trine will contribute about $300 million, currently held in trust, and an additional $275 million will come in the form of private investment in public equity (PIPE) common stock from institutional investors, including Miller Value Partners, XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel, and HPS Investment Partners. Desktop Metal’s existing shareholders will hold 74% of the new company after close. 

Hindery has a long history in the cable industry, serving as president of Tele-Communications Inc., CEO of AT&T Broadband and CEO of the YES Network, and has also been an investor in programming through InterMediaPartners. He will serve on Desktop Metal’s board of directors.

Desktop Metal is headed by Ric Fulop, its founder, chairman and CEO, and said it will use the proceeds from the deal to fund product development and “productive consolidation in the additive manufacturing industry.”

Desktop Metal said it has distribution in more than 60 countries and its products can be used in a wide array of industries including automotive, consumer products, industrial automation, medical devices, and aerospace & defense. According to Reuters, Desktop Metal has raised about $438 million from investors like BMW iVentures, Koch Disruptive Technologies and Ford Motor Co. and was valued at about $1.5 billion last year. 

“After evaluating more than 100 companies, we identified Desktop Metal as the most unique and compelling opportunity, a company that we believe is primed to be the leader in a rapidly growing industry thanks to their substantial technology moat, deep customer relationships across diverse end-markets, and impressive, recurring unit economics,” Hindery said in a press release. “Ric has put together an exceptional team and board of directors with whom we are excited to partner to create the only publicly traded pure-play Additive Manufacturing 2.0 company.”

About 18 months after they battled for control of Outdoor Channel, Kroenke Sports & Entertainment has agreed to acquire Intermedia Outdoors Holdings, from InterMedia Partners VII, the private equity fund controlled by cable veteran Leo J. Hindery Jr., which includes TV network the Sportsman Channel, 15 outdoor magazines, 17 websites and television production operations. The purchase price was not disclosed.

Kroenke Sports, controlled by Stan Kroenke, the billionaire owner of the St. Louis Rams, had battled InterMedia for several months in 2013 for control of Outdoor Channel. After several competing offers for the channel, Kroenke won the prize in May 2013.

KSE said in a statement that Outdoor Channel, which air such shows at Buck Commander (pictured), and Sportsman Channel will continue to operate as separate networks.

“This is a highly complementary transaction that solidifies our leadership in the outdoor genre and strengthens our ability to serve our passionate and growing audience with a diverse range of content choices,” said KSE CEO Jim Martin in a statement. “We have the highest quality programming, the top brands and the broadest distribution in the outdoor industry, all under the KSE umbrella. We are committed to further investing in these assets, increasing our distribution and expanding the range of content experiences we deliver. We welcome the former InterMedia Outdoors team to the KSE family and look forward to working together to grow this vibrant category and build on our success.”