Updates: Proficient Alpha, One Madison, & Memorial Day


Updates: Proficient Alpha, One Madison, & Memorial Day

May 23, 2019 INTEL by Kristi Marvin

Ahead of Memorial Day Weekend….

The Memorial Day weekend slow down has already begun and tomorrow should extremely quiet, if not dead.  However, a few items of note before everyone fires up the grill and starts working on their tans…

Proficient Alpha Acquisition Corp. (PAACU)

Proficient Alpha Acquisition Corp., which was originally supposed to price their IPO on Monday, May 20th, is now anticipated to price on Tuesday, May 28th, for trading on Wednesday, May 29th.  There was a possibility this SPAC would try to price tonight, but given that there probably won’t be many people around tomorrow, next week is really the better option.  The rumored reasons for the delay have varied between waiting on the SEC to waiting on wires for the at-risk capital, but regardless of the reason, next week feels more appropriate.

One Madison Corp. (OMAD)

On Tuesday, May 28th, we also have One Madison’s shareholder vote to complete their combination with Ranpak Corporation.  OMAD recently arranged an additional $20 million PIPE and amended the Sponsor and Anchor Investor earn-out, which you can read about HERE.  We’ll update once vote results are released.

Other than those two items, there’s nothing else “scheduled” for next week.  However, whenever it’s quiet or you think it’s going to be quiet, that’s usually when we get some surprise SPAC IPO filings. My money is on at least one that gets filed tomorrow, but that’s an easy bet.  The bankers just want to make sure everyone has something to read this weekend on the beach…