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Schultze Special Purpose Acquisition Corp. (SAMAU) Prices $130 Million SPAC


Schultze Special Purpose Acquisition Corp. (SAMAU) Prices $130 Million SPAC

Dec 11, 2018 INTEL by Kristi Marvin

Schultze Special Purpose Acquisition Corp., priced their slightly down-sized $130 million SPAC this morning and is now trading under the symbol Nasdaq: SAMAU.  Due to the change in size, a press release was not available right away, however, we updated our tables once we we had confirmation.

Nonetheless, in light of the difficult SPAC climate, a down-size is not that surprising.  In fact, if given the choice of over-funding the trust to 101% or shrinking the life even further to 15 months, a down-size is the preferable (and smarter) option for the team.

Schultze, which is focusing on companies that have been financially restructured, is being sponsored by Schultze Asset Management, LP, an alternative investment management firm who’s strategy is based on the belief that distressed securities can often be purchased at discounts to intrinsic value given the complexities surrounding their restructuring.

Congratulations to all.

EarlyBirdCapital and BTIG served as co-lead managers for the offering.