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
(Oldie but a Goodie)
‘Twas the night before Christmas, when all through SPAC Land
Not a creature was stirring, not even Chardan;
The suit jackets were all hung by the desk chairs with care,
In hopes that a deal soon would be there;
The attorneys were nestled all snug in their chairs;
While visions of bonuses danced in their heads;
And my laptop in its sleeve, and I in my SPACInsider cap,
Had just settled my brain for a long winter’s nap,
When out on sixth avenue, there arose such a clatter,
I sprang from my desk to see what was the matter. ...READ MORE
Allegro Merger Corp. (ALGR), adjourned their shareholder vote (scheduled for today) to January 3, 2020, and made a few important changes to their proxy. ...READ MORE
Diamond Eagle Acquisition Corp. (DEAC) announced this morning that they have entered into a Business Combination Agreement with DraftKings and SBTech, to create the only vertically-integrated U.S.-based ...READ MORE
This morning, in a surprise Friday announcement, ahead of a holiday week, Act II Global Acquisition Corp. (ACTT), announced their combination with Flavors Holdings Inc., and its subsidiaries, Merisant Company (“Merisant”) and MAFCO Worldwide LLC (“MAFCO”). ...READ MORE
Twelve Seas Investment Company (“Twelve Seas”) (NASDAQ: BROG), announced late yesterday evening that shareholders have approved their business combination with Brooge Holdings Limited. Shareholder vote results have not been filed yet, but per the press release, approximately 95.0% of the shares voted were voted in favor of the business combination. ...READ MORE
Mosaic Acquisition Corp. (MOSC), filed a new super 8-K this morning announcing that they had re-struck their deal with Vivint Smart Home, Inc. (“Vivint”). ...READ MORE
Pivotal Acquisition Corp. (PVT), filed an 8-K this afternoon detailing the results of their recent shareholder vote to approve their business combination with KLDiscovery, a global provider of electronic discovery and information governance services to Fortune 500 companies. ...READ MORE
Mosaic Acquisition Corp. (MOSC), which was scheduled to hold their shareholder vote today to approve their combination with Vivint, announced this morning that they have adjourned their meeting and rescheduled for Friday, December 20th. ...READ MORE
Twelve Seas Investment Company (“Twelve Seas”) (NASDAQ: BROG), announced this morning that it had adjourned its extraordinary general meeting yesterday and will now hold its shareholder vote tomorrow, December 19th, 2019. ...READ MORE
The month of December has been thick with deal announcements so far and it doesn’t appear to be slowing down any time soon. Tonight, to add to the tally, HL Acquisitions Corp. ...READ MORE