A press release today announced that BTIG has hired Gil Ottensoser, to lead their SPAC Banking and Capital Markets effort, signaling a major push into the Special Purpose Acquisition Company field by BTIG. ...READ MORE
Crescendo Partners’ Eric Rosenfeld, filed for a $130 million IPO late Tuesday, making Allegro Merger Corp., Rosenfeld’s sixth consecutive SPAC. In addition to an obsessive penchant for musical-term branding, the Allegro team and board seem to have a penchant for each other as well, since all have worked together (with the exception of board member Robert Deluce) on one or more of Rosenfeld’s five prior SPACs. ...READ MORE
Before everyone heads out for Memorial Day Weekend (because as we all know, not a whole lot is going to get done tomorrow), a few items of note below on NESR, OMAD and OACQF. ...READ MORE
By now, most people who follow the SPAC product have heard about the Goldman Sachs sponsored, GS Acquisition Holdings Corp. ...READ MORE
Third Point LLC, makes its entry into the Special Purpose Acquisition Company field with Far Point Acquisition Corporation, a $400 million IPO focusing on the Fintech space. ...READ MORE
Late Friday afternoon, GS Acquisition Holdings Corp. filed for a $600 million NYSE SPAC IPO, capping off a busy week that included one SPAC rumor, two IPOs, an acquisition announcement and a liquidation. ...READ MORE
Joint Investor Conference Call Scheduled for Tomorrow, Thursday, at 9:00 am ET
This afternoon, Landcadia, a $250 million SPAC, finally announced it had a definitive merger agreement with Waitr, a restaurant platform for online ordering and on-demand food delivery. ...READ MORE
On Tuesday evening, VectoIQ announced the pricing of its Nasdaq-listed SPAC, raising $200 million in its initial public offering. ...READ MORE
This morning, Trinity Merger Corp. announced the pricing of their $300 million real estate focused SPAC and the unit should begin trading later this morning under the symbol TMCXU. ...READ MORE
No sooner did we post redemption/conversion pro rata per-share trust amounts this morning than Stellar Acquisition III, announces it is revising their Extension Date and terms. ...READ MORE
In an 8-K filed this morning, Electrum Special Acquisition Corporation, a $200 million SPAC IPO, announced its intentions to dissolve and liquidate the trust. ...READ MORE
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. ...READ MORE
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. ...READ MORE
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. ...READ MORE
This is turning into a busy week for SPACs… Yesterday, May Day in fact, we saw Thunder Bridge Acquisition, Ltd. ...READ MORE
First 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 MORE
Deutsche 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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