UPDATE: After having a chance to go through the documents that were filed this morning, additional information has been included below in blue. This appears to be a highly negotiated transaction given the number of stipulated conditions and requirements. ...READ MORE
Last night, in the ongoing drama between Accel Entertainment and their minority shareholder, Clairvest, Clairvest put out a press release stating that they have filed a lawsuit to block Accel Entertainment’s merger with TPG Pace Holdings (TPGH). ...READ MORE
Chardan Healthcare Acquisition Corp. (CHAC) announced this evening that it has entered into a business combination agreement with BiomX Ltd. (“BiomX”). BiomX is a preclinical stage microbiome company developing both natural and engineered phage cocktails designed to target and destroy bacteria that affect the appearance of skin, as well as harmful bacteria in chronic diseases, such as IBD, PSC, and cancer. ...READ MORE
Today, Fellazo Inc. (FLLCU) refiled their prospectus and changed the terms of their IPO. Notably, they have now added a right (1/10) and changed their previous FULL warrant to one warrant for 1/2 share. ...READ MORE
Bucking the trend of half, third and even quarter warrants, NetFin Acquisition Corp. ...READ MORE
Capitol Investment Corp. IV (CIC) and Nesco filed a prospectus supplement this morning revealing a newly amended merger agreement reducing the consideration to be issued to Nesco and canceling an additional number of the Sponsor’s founder shares. ...READ MORE
This afternoon, Thunder Bridge Acquisition Corp. (TBRG), announced the approval of their business combination with Repay Holdings. and the results of their shareholder vote.
Unfortunately, all we have so far are the vote counts, but hopefully we will be given additional information on the number of redemptions and the actual redemption price in a forthcoming press release or new filing. ...READ MORE
8i Enterprises Acquisition Corp. (JFK) announced this morning the execution of a share exchange agreement with Diginex Limited, a global blockchain financial services and technology company headquartered in Hong Kong. Upon completion of the transaction, Diginex is anticipated to have an initial enterprise value of approximately $276 million. ...READ MORE
As promised, Carol Anne Huff, from Kirkland & Ellis, is back again with a follow-up post on the recently accelerated approval of the Nasdaq’s proposed rule changes and the potential impact to the SPAC universe. ...READ MORE
This afternoon, Black Ridge Acquisition Corp. (BRAC), released the details of their shareholder vote to approve their new extension deadline from July 10th to August 10th.
Per the 8-K, 9,246,727 shares of the Company’s common stock elected to redeem at a per-share price of $10.29. ...READ MORE
Social Capital Hedosophia Holdings Corp. (IPOA) just radioed Major Tom this morning to tell him he “really made the grade”. If you haven’t heard yet, IPOA announced this morning that they have signed a definitive agreement with Richard Branson’s Virgin Galactic (“VG”), to combine and create the first publicly traded company dedicated to human spaceflight. ...READ MORE
This is big deal….on Friday, July 5th, the SEC granted accelerated approval of the Nasdaq’s proposed rule change to their listing standards and this could significantly impact post-combination SPACs with low floats going forward. ...READ MORE
Black Ridge Acquisition Corp. (BRAC) filed a new 8-K this morning, alerting shareholders that it has set a new date for their shareholder vote to complete their combination with Allied Esports. ...READ MORE
DFB Healthcare Acquisition Corp. (DFBH), announced this morning that they have entered into a definitive business combination agreement with AdaptHealth Holdings, LLC (“Adapt”), the third largest distributor of home medical equipment (“HME”) in the United States. ...READ MORE
(The below article was previously released in Monday’s SPACInsider Newsletter)
As many of you know by now, last Friday evening saw Conyers Park II Acquisition Corp. ...READ MORE
Ahhh, the sage wisdom of DJ Jazzy Jeff and the Fresh Prince.
Is anyone still left in the office today? The day before a holiday is typically pretty slow, but today feels like we’re crawling through molasses just trying to make it to 1:00 PM. ...READ MORE
Last night, we finally got a glimpse of the previously announced Switchback Energy Acquisition Corp. (SBE.U). Switchback filed as a $300 million North American energy SPAC and will be sponsored by NGP Energy Capital Management. ...READ MORE
Friday evening, we had another new SPAC filing in the form of the $175 million Oaktree Acquisition Corp. Actually, we had three new SPACs on Friday, but let’s focus on this one. ...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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