Below are the newly released SPAC Auditor League Tables for the first quarter of 2020. As you can see below, the Auditor League is dominated by Marcum LLP and WithumSmith+Brown ("Withum") so each quarter is generally just a look into how close these two competitors come to beating each other.
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As mentioned previously, this feels like an incomplete quarter since the SPAC window effectively came to a grinding halt in early March. As a result, we're missing almost a month's worth of IPO pricings and now have a backlog of 12 SPACs on file to IPO. However, SPACs did manage to IPO a total of 13 deals for gross proceeds of $3.925 billion in the Q1 2020, so it's still a fairly robust number. And the results do show quite a bit of movement within the Legal League...
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Methodology:
In addition to the traditional methodology used whereby any bookrunner or lead manager gets full credit for IPO size to calculate deal volume, there are two additional rankings - volume by number of units sold and volume sold % market share (highlighted in green). For example, if SPAC-XYZ raised $500 million at IPO, and underwriter A sold $400 million of the same deal and underwriter B sold only $100 million, that’s how they will be credited. This methodology gives a more accurate window into the actual deal volume.
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HL Acquisitions Corp. (HCCH), announced this morning it has mutually terminated its Sale and Purchase Agreement with Chi Energie (Singapore) Pte. Ltd. (“Chi Energie”). The reason cited being, “the current extraordinary market conditions surrounding the industry. ...READ MORE
EdTechX Holdings Acquisition Corp., (EDTX), announced this afternoon they have closed their combination with Meten Education. The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals. ...READ MORE
Gordon Pointe Acquisition Corp. (GPAQ), filed a an 8-K this afternoon announcing that they are increasing the amount being contributed to the trust account for non-redeeming shareholders at it’s extension vote, to be held on March 30th, from $0.013 per share to $0.06 per share. ...READ MORE
Andrew Pendergast, from Marsh, is back again to help further explain a SPAC team’s insurance needs in the time of Covid-19. Additionally, Andrew will walk us through what teams and investors should be considering when evaluating SPACs and their risk going forward. ...READ MORE
EdTechX Holdings Acquisition Corp., (EDTX), which held their shareholder vote yesterday to complete their business combination with Meten Education, announced via 8-K that their combination has been approved.
As you can see in the table below, the combination was approved with 4,619,383 shares in the “For” column and only 300,000 shares voting “Against” this transaction. ...READ MORE
This morning, Allegro Merger Corp., released the details of their shareholder vote to approve moving their previously extended deadline one month, from March 31 to April 30, 2020. ...READ MORE
This morning, Leisure Acquisition Corp. (LACQ), released the details of their shareholder vote to approve extending their deadline three more months from April 5, 2019 to June 30, 2020. ...READ MORE
GigCapital3, Inc. (GIK.U), re-filed their S-1 registration statement today, for their $200 million IPO, with no changes to the terms. No changes, at first blush, seems curious given that the current SPAC IPO market has also been on “lock-down” with nothing getting out. ...READ MORE
KBL Merger Corp. IV (KBLM), filed a definitive proxy this evening for their upcoming extension vote on April 8th, to extend their deadline from April 9, 2020 to July 9, 2020. ...READ MORE
Early this morning, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve moving their extension deadline to July 23, 2019, from March 23, 2020. The extension was approved and as a result, the Company’s Sponsor will be contributing $0.02 to the trust account per month for each public share that was not redeemed, or $11,610.56
Per the 8-K, 2,433,721 shares of the Company’s common stock elected to redeem, which resulted in approximately $26.1 million (at an estimated $10.71 per share) being removed from the Trust Account. ...READ MORE
8i Enterprises Acquisition Corp. (JFK), announced this afternoon that it had adjourned it’s scheduled shareholder vote. The vote was originally scheduled for this morning, but shareholders voted to adjourn the meeting to June 15, 2020, instead. ...READ MORE
Nebula Acquisition Corp. (NEBU), filed an 8-K tonight announcing they have amended their business combination agreement with Open Lending LLC. Given the current market conditions, amendments are expected. However, Nebula’s amendments mostly revolved around the public warrants, but didn’t make any substantial adjustments to valuation. ...READ MORE
Sustainable Opportunities Acquisition Corp. (SOAC.U), filed for a new $300 million IPO last night, focused on the sustainability sector. Which, if you’re a little fuzzy on what “sustainability” is, or what it includes, it’s essentially companies with a strong ESG profile, or Environmental, Social and Governance (“ESG”), but specifically companies with existing environmental sustainability practices. ...READ MORE
Social Capital Hedosophia, which was anticipated to price SPACs II & III on Monday night, but delayed due to market conditions, re-filed new prospectuses this morning with a notable change to both – their warrants included in their units, which were originally 1/4 warrants, are now 1/3 warrants. ...READ MORE
Tonight’s notable news below.
In “Wow! They’re filing now??” news, Sustainable Opportunities Acquisitions Corp. (SOAC.U), a $300 million SPAC focused on the sustainability sector, filed to IPO. ...READ MORE
Opes Acquisitions Corp. (OPES), filed an 8-K this afternoon announcing the results of their shareholder vote, held yesterday, to extend their completion deadline three months from March 16, 2020 to June 18, 2020. ...READ MORE
Arya Sciences Acquisition Corp. (ARYA), announced this morning that they have entered into a definitive business combination agreement with Immatics Biotechnologies GmbH (“Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies. ...READ MORE