JAWS Mustang Acquisition Corporation is a SPAC — a blank check company with no operations of its own — created to identify and merge with a private business, taking it public in the process. JAWS Mustang was incorporated in 2020 and is sponsored by Mustang Sponsor LLC, an affiliate of JAWS Estates Capital, the family office of Barry Sternlicht, founder and CEO of Starwood Capital Group. The company has not completed a business combination. Its path has been difficult: successive shareholder redemptions reduced the trust from over $1B to roughly $1M, a proposed deal to combine with a Starwood Capital hotel portfolio — including 1 Hotel Central Park and the UK-based De Vere portfolio — collapsed in 2024 when Host Hotels acquired 1 Hotel Central Park, and JAWS Mustang was delisted from NYSE American in November 2024, now trading on the OTC market. JAWS Mustang must complete a deal or liquidate by December 2026. With only ~$1M in trust, any transaction would require substantial third-party financing that has not yet been secured. The SPAC sponsor model relies on the "promote" — founders receive roughly 20% of post-IPO shares at nominal cost, which become valuable only if a deal closes. JAWS Mustang is led by Barry Sternlicht as Chairman, Andrew Klaber as CEO, and Matthew Walters as COO.