Replay Acquisition is a SPAC incorporated in the Cayman Islands in February 2025, led by co-founders William Foley (Chairman) and Richard Massey (CEO). The company raised $230M in its May 2025 IPO, with proceeds held in trust, and has until May 2027 to complete an acquisition or return capital to shareholders. Like all SPACs, Replay Acquisition has no operating business — its sole purpose is to identify and merge with a private company, taking that company public in the process. Foley and Massey have not limited the SPAC to a specific sector, but their acquisition criteria center on companies with defensible market positions, high recurring revenue, strong free cash flow, and large addressable markets. Target sourcing is expected to draw from Foley and Massey's deal networks, including sponsor-owned assets, corporate carve-outs, and founder-owned businesses. The two co-founders have been involved in six prior SPACs: four completed deals (acquiring Fidelity & Guaranty Life, Alight, Paysafe, and System1), while two liquidated in 2022 without completing a transaction. The sponsor acquired Founder Shares at a nominal cost, which convert to Class A shares upon a deal close, giving the sponsor strong economic incentive to complete a Business Combination.