On Monday evening, we had another new IPO filing to round out the current four we have on file with LGL Systems Acquisition Corp., (DFNSU), a $125 million SPAC focused on the aerospace, defense and communications industries. ...READ MORE
For your daily Gig News, GigCapital (GIG) made yet another arrangement for both its Rights and its Shares, this time with Yakira Capital Management (“Yakira”). However, the real take-away here is that Gig now has three agreements that will effectively (if all three max out their purchases) remove the Rights from its Business Combination equation. ...READ MORE
In today’s Gig News (seriously, it feels like an 8-K is filed at least once a day lately), GigCapital (GIG) put out a new filing this morning correcting a typo in their previously released 8-K regarding the additional Forward Purchase Agreement with Kepos Alpha Fund L.P. ...READ MORE
This afternoon, we had yet another new SPAC filing, making the count four (4) for deals on file to IPO. Furthermore, that means that if all four price in October, we will match 2018’s deal count of 46. ...READ MORE
Gig Capital (GIG), announced this morning that they have entered into an additional Forward Purchase Agreement in regards to its Rights Shares, this time, with Kepos Alpha Fund L.P. (“Kepos”). ...READ MORE
Health Sciences Acquisitions Corp., the RTW Investments-backed SPAC focused on the biopharma/med-tech sector, announced their merger this morning with Immunovant Sciences, Ltd. (“Immunovant”), a clinical-stage biopharmaceutical company focusing on autoimmune diseases. ...READ MORE
The team from Union Acquisition Corp. made a surprise filing on Friday with their second SPAC, Union Acquisition Corp. II (LATNU), a $175 million IPO focused, once again, on Latin America. ...READ MORE
Late Friday afternoon, we had two new IPO filings to replenish our previously dwindling supply of new issues. The first, Stable Road Acquisition Corp. (SRACU), is a $150 million cannabis-focused SPAC, being led by Brian Kabot, as Chairman and CEO. ...READ MORE
Legacy Acquisition Corp. (LGC), the $300 million SPAC led by Edwin Rigaud, which recently announced its combination with Blue Impact Group, filed a definitive proxy this morning setting a shareholder vote date of October 22nd. ...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 both the Third-Quarter, as well as Year-to-Date (YTD) 2019, Ellenoff Grossman & Schole ("EGS"), once again, led the SPAC IPO Legal League tables with a commanding number of legal assignments. Furthermore, EGS's Total Deal Volume was $1.957 billion, which accounts for nearly 30% of the SPAC Third-Quarter SPAC IPO market share. For reference, there were a total of 14 SPAC IPOs priced in Q-3, so EGS's nine assignments as either Issuer's (5) or Underwriter's Counsel (4), meant they participated in a remarkable 64% of all SPACs this quarter.
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In no particular order, the below is a round-up of current SPAC news.
GigCapital, Inc. (GIG) filed an 8-K late this afternoon with some updates to its agreement with Greenhaven regarding its GIG Rights Shares. ...READ MORE
Gig Capital (GIG) filed multiple documents tonight, so a summary of each has been provided below.
Termination Date Extended
Gig filed an 8-K tonight announcing that they have officially moved their Outside Date (when the Purchase Agreement can be terminated) from September 24, 2019 to December 12, 2019. ...READ MORE
Alberton Acquisition Corp. (ALAC), put out an 8-K this afternoon regarding the issuance of an unsecured promissory note for $1,148,800, but the entity to who it was issued was what tipped off that they had announced…..something. ...READ MORE
Well that was fast. In a somewhat surprising move, it seems the team and underwriters decided to pull this deal entirely rather than amend terms. ...READ MORE
As many of you already know, Gig Capital (GIG), announced on Friday evening that they have entered into a non-binding letter of intent with Greenhaven Road Capital, whereby Greenhaven has agreed to not sell the Shares underlying the 5,482,694 the Rights it currently owns until the later of the sixtieth day (60) after the closing of the Business Combination or January 1, 2020 (the “Closing Date”). ...READ MORE
Late Friday afternoon, we had a new IPO filing with BI Acquisition Corp. (BIACU), a $200 million metals, mining and natural resources focused SPAC being sponsored by Bedrock Industries. BI will be led by Alan Kestenbaum, as Executive Chairman of the Board, and David Cheney, as CEO and Director. ...READ MORE
Early this afternoon, TPG Pace Holdings Corp. (TPGH), released the details of their shareholder vote to approve their new extension deadline and the results were 100% in favor of extending. ...READ MORE
Trinity Merger Corp. (TMCX), which previously announced their combination with Broadmark real estate lending and management companies (“Broadmark”), filed a preliminary proxy/S-4 this morning with some significant changes to it’s proposed amendment to the warrant agreement. ...READ MORE
Yesterday, Gordon Pointe Acquisition Corp. (GPAQ), released additional documentation regarding their transaction with HOF Village, Inc., but there was a section in the 8-K that had everyone scratching their heads. Specifically, the wording around the warrants and what happens if a shareholder elects to redeem. ...READ MORE