CuriosityStream has officially gone public and will be listed on the Nasdaq under the ticker symbol “CURI” starting Thursday.
With 13 million subscribers in 175 countries, the SVOD touts itself as the biggest publicly traded “pure play” streaming video company behind Netflix.
Led by media entrepreneur John Hendricks, the subscription streaming service, which specializes in science and nature shows, and other documentary and “factual” entertainment, leveraged an increasingly popular strategy to execute its initial public offering—it used a “special purpose acquisition company” (SPAC).
In this case, SPAC Software Acquisition Group already raised about $150 million with an IPO on the Nasdaq in November.
Also read: CuriosityStream Sets IPO
CuriosityStream and Software Acquisition Group have now effectively merged, with existing CuriosityStream shareholders rolling up all of their equity into the combined company. Hendricks will remain chairman of the board. Clint Stinchcomb will remain CEO.
“As a public company with new cash funding and access to the public capital markets, we are poised to dramatically accelerate our growth plans,” Hendricks said, in a statement. “Investors will have the unique opportunity to capitalize on a ‘pure-play’ streaming media service that is not burdened with legacy linear TV assets in cable and broadcasting. With our public debut, CuriosityStream will continue to offer compelling direct-to-consumer offers and innovative distribution models that provide curious viewers around the world with content that informs, enchants and inspires.”
Added Stinchcomb: “With John Hendricks as our chairman, a strong management team, a passionate, diverse workforce and this new access to the public capital markets, we are well positioned to drive innovation, accelerate our growth and to continue delivering compelling factual content to millions of subscribers worldwide.”
