I-AM Capital announced their business combination today with SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual reality gaming and sports entertainment company, headquartered in Mumbai, India.
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There are currently five SPACs that have set dates for “special meetings” to vote on extending their completion deadlines, with two more due at the end of June that are sure to do the same.
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Mark your calendars because Trinity Merger Corp., a SPAC focused on acquiring a business/operating company with a real estate component, is expected to price late next week.
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This is turning into a busy week for SPACs… Yesterday, May Day in fact, we saw Thunder Bridge Acquisition, Ltd.
...READ MOREFirst up is Barington/Hilco with the announcement they have terminated their LOI with Specialty Brands Holdings. For those that can remember that far back, Barington/Hilco IPO’d on May 5th of 2015 and were supposed to complete a business combination in 21 months.
...READ MOREDeutsche Bank took the top spot in the first quarter of 2018, with three Special Purpose Acquisition Company (SPAC) transactions and a total volume of $850 million. DB was the bookrunner/lead for Platinum Eagle, Nebula and DFB Healthcare, which were some of the largest SPAC transactions in the quarter with $325 million, $275 million and
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To no one's surprise, the top three SPAC underwriters for 2017 were (ranked by volume) Credit Suisse, Citigroup and Deutsche Bank. These three banks are a formidable presence in the Special Purpose Acquisition Company market and continue to lead the sector while accounting for 52.6% of the total market share in 2017.
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It's been an active quarter for Ellenoff Grossman & Schole ("EGS"), as they are once again leading the Special Purpose Acquisition Company Legal League for Issuer's Counsel with four assignments. EGS leads the quarter overall in the categories of Total Volume(#1), Total Deal Count(#1), Issuer's Counsel(#1) and Market share (19.6%).
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Let's drill down on the 2017 SPAC IPO Legal League results...
As you can see, the top three law firms providing legal counsel to Special Purpose Acquisition companies (by volume) are Weil, Gotshal & Manges, Ellenoff Grossman & Schole ("EGS"), and Skadden, Arps, Slate, Meagher & Flom ("Skadden"), accounting for nearly 50% of the market share.
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