Act II Global Acquisition Corp. (ACTTU), filed their 8-a12b yesterday and is getting ready to price their $250 million “Better-for-you” focused SPAC tonight. Act II most recently dropped J.P. Morgan as its lead underwriter giving Cantor the chance to sole book-run. It’s a strong look for Cantor, but I doubt J.P. Morgan is hand-wringing. JPM is currently #2 in Bloomberg’s US Equity Offerings League Tables year-to-date so this is a minor blip for them.
Having said that, SPACs are a pretty particular product and it’s not that surprising that a team would want an experienced SPAC underwriter to lead and Cantor has certainly been a profilic player in the space. Stay tuned for any surprise up-sizes or changes to terms.
Summary of terms below: