We are a blank check company newly incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target, including XCOM Labs.
Our sponsor, Juggernaut Sponsor LLC, is an affiliate of JAWS Estates Capital, the family office of Barry S. Sternlicht, our Chairman. Paul E. Jacobs, Ph.D., our Chief Executive Officer and director, and Derek K. Aberle, our director, are affiliated with both XCOM Labs and our sponsor. Paul E. Jacobs, Ph.D. is the Chairman and Chief Executive Officer of XCOM Labs and Derek K. Aberle is the Executive Vice Chairman of XCOM Labs. Paul E. Jacobs, Ph.D. and Derek K. Aberle jointly control PDM Juggernaut Investor LLC which jointly controls our sponsor with an affiliate of JAWS Estates Capital. As described further under “Proposed Business — Our Business Combination Process,” we may consider a combination with XCOM Labs concurrent with the completion of our initial business combination. Any potential combination with XCOM Labs will close at the same time as the closing of our initial business combination.
Founder & Chairman
Founder, Chairman, and CEO Starwood Capital Group
Mr. Sternlicht, our Chairman, is a well-known entrepreneur and operator with an extensive deal-making history. He founded Starwood Capital in 1991, serving as Chairman and Chief Executive Officer. Starwood Capital is a private alternative investment firm focused on global real estate, hotel management..., oil and gas and energy infrastructure with over $80 billion of assets under management as of March 31, 2020. Through Starwood Capital, Mr. Sternlicht has created several multi-billion dollar public market companies, ranging from traditional real estate to branded hospitality.
Throughout Mr. Sternlicht’s career, he has focused on capitalizing on emerging consumer trends; either directly via core operating assets or indirectly through Starwood Capital’s real estate portfolio. He has also executed several marquee public market transactions to enhance the scale of his core platform—including the creation and expansion of Starwood Property Trust (NYSE: STWD), the consolidation of Starwood Hotels & Resorts Worldwide (formerly NYSE: HOT), the spin-off and growth of Invitation Homes (NYSE: INVH) and the formation of Equity Residential (NYSE: EQR). Similarly, he has been involved in numerous private market consumer businesses as an early investor.
Mr. Sternlicht currently serves as the Chairman and Chief Executive Officer of STWD, a leading, diversified real estate finance company with over $3 billion in market capitalization; and one of the first mortgage REITs launched post-crisis. Since inception in 2009, Mr. Sternlicht guided STWD through a steady evolution with over $61 billion in deployed capital, evolving from a pure-play commercial lender to a diversified commercial REIT with residential lending, commercial mortgage servicing, property ownership and infrastructure lending.
Mr. Sternlicht also has deep operating expertise, serving as the Chairman, from January 1995 through May 2005, and as the Chief Executive Officer, from January 1995 through September 2004, of HOT; a period in which the share price appreciated at a compound annual growth rate of 16%. Over his tenure as Chief Executive Officer, he grew the total market capitalization of HOT to approximately $10 billion. As Chief Executive Officer, Mr. Sternlicht executed several key acquisitions, including Westin Hotels, Patriot American and ITT Corp., and led the development of the W Hotel concept.
Outside of his public market experience, Mr. Sternlicht has made a variety of investments in the consumer sector. Most notably, he has acquired or founded a number of independent hotel chains, including Baccarat Hotels, 1 Hotels and Treehouse Hotels, which are operated by SH Hotels & Resorts, a hotel brand management company and an affiliate of Starwood Capital. In addition to these investments, Mr. Sternlicht has invested in various consumer facing companies, including ThirdLove, a women’s clothing brand, Lytro, a developer of light-field cameras, and Lyric, a hospitality platform for business travelers.
Mr. Sternlicht’s other public market experience includes:
- Serving as a Director of INVH, the largest publicly-traded investor, owner and operator of single-family homes in the U.S. INVH was formed via the spin-off of Starwood Waypoint Residential Trust from STWD in 2014; and the subsequent mergers with Colony American Homes and Invitation Homes;
- Serving as a Director of The Estée Lauder Companies, a multinational manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products, since 2004;
- Serving as a Director of A.S. Roma, the professional Italian football club based in Rome, since 2014;
- Serving as the Chairman of the Board of Baccarat, S.A., a French manufacturer of fine crystal glassware located in Baccarat, France, from 2005 to 2018;
- Serving as Chairman of TRI Pointe Group (NYSE: TPH), a leading builder of new homes, from the initial public offering, or IPO, until 2017, including through its $2.8 billion merger with Weyerhaeuser Company in 2014;
- Serving as a Director for Restoration Hardware (NYSE: RH), a luxury brand in home furnishings, from IPO in 2012 through 2014;
- Serving as Chairman of iStar (NYSE: STAR; formerly Starwood Financial), the manager and largest owner of Safehold (NYSE: SAFE), which specializes in ground leases. Mr. Sternlicht served as Chairman until 2001; subsequently serving as a Director until 2003;
- Serving as a Director of Equity Residential (NYSE: EQR) from 1993 through 1998 after contributing a portfolio of apartment buildings in return for a 20% stake.
Chief Executive Officer, Director
Chairman and CEO of XCOM Labs (“XCOM”)
Paul E. Jacobs, Ph.D., our Chief Executive Officer and director, has over three decades of leadership experience in mobile communications. Dr. Jacobs is currently the Chairman and Chief Executive Officer of XCOM Labs, a wireless technology company he founded in April 2018. XCOM Labs includes an... experienced team of wireless systems engineers and professionals that develop advanced wireless technology solutions, including ones that enable high-performance 5G use cases.
From 1990 to 2018, Dr. Jacobs held numerous engineering and leadership positions at Qualcomm, Inc. (Nasdaq: QCOM), a semiconductor and telecommunications equipment company, including Executive Chairman, Chairman, and Chief Executive Officer. Dr. Jacobs served as Qualcomm’s Executive Chairman from March 2014 to March 2018; Chairman of the board of directors from March 2009 to March 2018; and Chief Executive Officer from July 2005 to March 2014. As Chief Executive Officer of Qualcomm, Dr. Jacobs spearheaded the company’s efforts to develop and commercialize mobile technology breakthroughs that significantly contributed to the growth of both the company and the industry. During his tenure as Chief Executive Officer, Qualcomm’s revenue more than quadrupled from approximately $5.7 billion in 2005 to approximately $26.5 billion in 2014.
Dr. Jacobs currently serves as an advisor and member of the board of directors for a number of other companies and organizations, both public and private. Since 2016, Dr. Jacobs has been a member of the board of directors of Dropbox. He has been the Chairman of Heal, a market leader in doctor house calls, since 2019. Dr. Jacobs is an alternate Governor of the NBA and Executive Vice Chairman of the Sacramento Kings. He is the Co-Chair of the UC Berkeley Board of Visitors; the Co-Chair of the advisory board of the UCB College of Engineering; a member of the Cornell Tech Council; a member of the National Academy of Engineering; and a Fellow of the American Academy of Arts and Sciences. Dr. Jacobs holds a Ph.D. in Electrical Engineering and Computer Science, an M.S. in Electrical Engineering, and a B.S. in Electrical Engineering and Computer Science from the University of California, Berkeley.
Chief Investment Officer
Mr. Lee, our Chief Investment Officer, has served as Portfolio Manager of JAWS Estates Capital LLC since 2008. Mr. Lee directs the public market strategy of JAWS Estates Capital LLC with a particular emphasis on technology, media, and telecom. He also directed JAWS Estates Capital LLC’s private investments in Pivotal Commware and XCOM Labs. Prior to joining JAWS Estates Capital... LLC, Mr. Lee was Director of Research at Scout Capital Management, a New York based hedge fund. Before Scout Capital, Mr. Lee was an analyst at Flatiron Partners, a New York based venture capital firm. He began his career as an analyst in the Mergers & Acquisitions group of Donaldson, Lufkin, & Jenrette. Mr. Lee received a B.S. in Industrial Engineering from Stanford University.