Why Flying Eagle Acquisition Is Up 20% Today

Flying Eagle Acquisition (NYSE: FEAC) is up 20% as of 11:20 a.m. EDT, after announcing it will merge with mobile gaming platform Skillz, allowing it to become publicly traded. 

Flying Eagle is a special purpose acquisition company, or SPAC. The team behind Flying Eagle has some experience in this area. Founding investor Jeff Sagansky and chairman and CEO Harry Sloan were also the founder and initial shareholder, respectively, of Diamond Eagle Acquisition, which took DraftKings (NASDAQ: DKNG) public through a merger earlier this year. 

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Source Fool.com