We intend to concentrate our efforts on identifying businesses that are either directly or indirectly connected with the music sector, with particular emphasis on businesses where our significant strategic and operational expertise and long-standing position within the music industry will be a value-additive proposition to potential target businesses. The rapid growth in the music sector driven by rapid consumer adoption of new forms of consumption, including subscription-based streaming, has given rise to enhanced monetization of music content and new business models driven by technological innovation, social interaction, and consumer connectivity.

Neil Jacobson, our chairman and CEO, has observed these trends as a record label executive and believes such trends create significant opportunities for a special purpose acquisition corporation (SPAC). Mr. Jacobson spent most of his career at Interscope Geffen A&M Records, a subsidiary of Universal Music Group, where he held positions as a publicist, senior vice president and executive vice president, and participated in the management of artists and producers such as will.i.am, Robin Thicke and Jeff Bhasker. In January 2016, Mr. Jacobson was appointed president of Geffen Records, a historic record label re-established under Interscope Geffen A&M Records, and held that position until January 2020. During his tenure as president of Geffen Records, Mr. Jacobson oversaw the signing of Darkroom Records, home to Billie Eilish. In January 2020, Mr. Jacobson founded Hallwood Media, an independent music management company exclusively focused on songwriters and producers. Over the last 13 months acting as a trusted advisor to artists and creators, Mr. Jacobson has helped coordinate the sale of artist catalogs for an aggregate total in excess of $100 million.