Harry Potter: Hogwarts Mystery mobile game publisher Jam City has filed to go public by way of a unique goal acquisition enterprise, or SPAC. Jam City is utilizing some of the funds to invest in Canadian mobile game publisher Ludia for $175 million.
SPACs allow providers to go public by merging with a public shell enterprise, enabling them to skip the lengthy procedure for initial public offerings.
For Chris DeWolfe, the founder of the Los Angeles-based Jam City, the move represents a individual redemption. He did pioneering work as the founder of MySpace, but he lost out in the social networking wars with Facebook.