East Stone Acquisition Corp. (ESSCU), filed for a $100 million IPO this morning, making it a total of seven SPACs on file now for 2020. East Stone will be focusing on fintech in North American and the Asia Pacific regions, and will be led by Chunyi (Charlie) Hao, as Chairman and CFO, and Xiaoma (Sherman) Lu, as CEO and Director nominee. ...READ MORE
Mosaic Acquisition Corp. (MOSC), announced earlier this morning that ahead of its scheduled shareholder vote to complete its combination with Vivint Smart Home, they have waived the closing condition relating to the number of redemptions of public shares of Mosaic Class A common stock. ...READ MORE
Far Point Acquisition Corp. (FPAC), announced this morning that they intend to merger with Global Blue, a strategic technology and payments partner empowering global merchants to capture the growth of international shoppers. ...READ MORE
Far Point Acquisition Corp. (FPAC), announced this morning that they intend to merger with Global Blue, a strategic technology and payments partner empowering global merchants to capture the growth of international shoppers. ...READ MORE
Mudrick Capital Acquisition Corp. (MUDS), as expected, filed a preliminary proxy this evening to extend their completion deadline by an additional six months, from February 12, 2020 to August 12, 2020. ...READ MORE
Early this afternoon, Opes Acquisition Corp. (OPES), released the details of their shareholder vote to approve their extension deadline from January 15, 2020 to February 15, 2020, or March 15, 2020, if they need to extend an additional 30 days further. ...READ MORE
Leo Holdings Corp. (LHC), in a not unexpected move, filed a new preliminary proxy tonight to extend their completion deadline five and a half months from February 15, 2020 to July 31, 2020. ...READ MORE
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Mudrick Capital Acquisition Corp. (MUDS), announced this morning that they have entered into a definitive purchase agreement with Hycroft Mining Corporation, a US-based, gold and silver producer operating the Hycroft mine located in the mining region of Northern Nevada. ...READ MORE
TKK Symphony Acquisition Corporation (TKKS) announced this evening that it would be extending the expiration of its tender offer to purchase up to 25,000,000 shares at a purchase price of $10.28, for a fourth time. ...READ MORE
Earlier today, Nebula Acquisition Corp., held their shareholder vote to extend their completion deadline five months from January 12, 2020 to June 12, 2020, and the results were overwhelmingly positive. ...READ MORE
Wednesday evening, we had another new SPAC filing with InterPrivate Acquisition Corp., a $175 million IPO. This bring the total number of SPACs currently on file to IPO in 2020 to six, so we’re already 1/10th of the way there to breaking 2019’s record of 59 SPACs. ...READ MORE
This afternoon, Allegro Merger Corp., released the details of their shareholder vote to approve moving their extension deadline from January 6, 2020 to March 31, 2020. ...READ MORE
As part of Nebula Acquisition Corp.’s (NEBU), announced deal this morning with Open Lending LLC, they included their intention to tender their warrants for $1.50 per whole warrant. And further to that, it said that if you do tender, you MUST vote FOR the warrant amendment proposal which reduces the term of any and all remaining NEBU Warrants to expire upon the consummation of the Merger. ...READ MORE
Mosaic Acquisition Corp. (MOSC), announced this morning that they will be adjourning and rescheduling their vote three days forward to January 17th (previously, the 14th). Now that everyone is back from the holidays for the first full week of the new year, this gives investors additional time to digest MOSC’s amended deal with Vivint. ...READ MORE
Nebula Acquisition Corp. (NEBU), announced this morning that they have entered into a Business Combination Agreement with Open Lending, LLC, a leading provider of lending enablement and risk analytics solutions to financial institutions, with an implied estimated enterprise value at closing of approximately $1.3 billion. ...READ MORE
Carol Anne Huff, who previously wrote a series on the changes to Nasdaq’s listing standards, is back with another article. This time, on Direct Listings.
Below, Carol Anne dives into the NYSE’s proposal to allow companies to raise capital through a direct listing and whether the expansion of this IPO alternative will have an impact on the SPAC market. ...READ MORE
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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For Full Year (FY) 2019, Ellenoff Grossman & Schole ("EGS"), once again, dominated the SPAC IPO Legal League tables with an astounding 33 legal assignments. That means EGS was the counsel on more than half of the 59 SPACs to IPO this year. Furthermore, EGS's Total Deal Volume was $7.3 billion, which accounts for approximately 27% of the 2019 SPAC IPO market share. Compared to EGS's 22 SPAC legal assignments in 2018, they increased their deal count by 50% in 2019. A tremendous effort.
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Below are the newly released SPAC Auditor League Tables for both the Fourth-Quarter, as well as Full Year 2019. As you can see below, the Auditor's League is essentially a two-horse race. Marcum LLP and WithumSmith+Brown ("Withum") consistently dominate the category, leaving little room for competition.
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Pivotal Acquisition Corp. (PVT), filed additional documents last night and included within the filing was the redemption results from their recent shareholder vote to complete their combination with KLDiscovery. ...READ MORE