Happy Fourth of July

Jul 3, 2019 INTEL by Kristi Marvin

Summertime

DJ Jazzy Jeff & The Fresh Prince

Summer summer summertime
Time to sit back and unwind

Here it is, the groove slightly transformed
Just a bit of a break from the norm
Just a little somethin’ to break the monotony
Of all that hardcore dance that has gotten to be

Ahhh, the sage wisdom of DJ Jazzy Jeff and the Fresh Prince.

Tuscan Holdings Corp. II Re-files Minus One Board Member

Jul 3, 2019 INTEL by Kristi Marvin

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

Switchback Energy Files for a $300M IPO

Jul 2, 2019 INTEL by Kristi Marvin

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

China Yunhong Holdings Files for a $50M SPAC IPO

Jul 1, 2019 INTEL by Sam Talkington

Last Friday, there was another new SPAC filing with the addition of China Yunhong Holdings (ZGYHU), a $50 million SPAC IPO focused on the consumer and lifestyle sectors in Asia. Mr. ...READ MORE

Oaktree Acquisition Corp. Files for a $175M IPO

Jul 1, 2019 INTEL by Kristi Marvin

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

Q-2 & 1st Half 2019 SPAC IPO Underwriting League Tables

Jun 30, 2019 INTEL, Underwriting League by Kristi Marvin

Below are the recently released Q-2 & 1st Half 2019 SPAC IPO Underwriting League Tables

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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Q-2 & 1st Half 2019 SPAC IPO Legal League Tables

Jun 30, 2019 INTEL, Legal League by Kristi Marvin

Below are the recently released Q-2 & First Half 2019 SPAC IPO Legal League Tables

The legal league tables had a few surprises in the second quarter. Notably, Winston & Strawn climbed to #1 based on total deal volume with $1.46 billion in legal assignments. To put that into context, Winston & Strawn sat out the first quarter having not participated in any SPACs, but came on strong in Q-2 to land the top spot. Overall, three of Winston's legal assignments were as Issuer's Counsel and one was as Underwriter's Counsel, with a total average deal size of $365 million.
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Friday Happy Hour Update: Two New SPACs + BRAC

Jun 28, 2019 INTEL by Kristi Marvin

And one of the new SPACs has a 1/4 warrant… this is BIG news.

In the interest of it being the happiest of hours…a brief summary has been provided below. A more thoughtful analysis will be provided later. ...READ MORE

Orisun Acquisition Corp. Files for $40M SPAC IPO

Jun 28, 2019 INTEL by Kristi Marvin

We had yet another new SPAC filing on Wednesday evening, with the addition of Orisun Acquisition Corp. (ORSNU), a $40 million SPAC IPO focused on what the team is calling the “High Tech” sector. ...READ MORE

Winner of the 2019 SPACInsider Underwriters League Tournament

Jun 27, 2019 INTEL by Kristi Marvin

Congratulations to BofA Merrill Lynch!

BAML is the 2019 SPACInsider Underwriters League Tournament Champion!

As winner, BAML will be receiving the SPACInsider Underwriters League Champion Award, sponsored by Refresh Creations.

(Below is a picture of last year’s award. ...READ MORE

2019 FINALS: Underwriters League Tournament Championship Round!

Jun 26, 2019 INTEL by Kristi Marvin

FINALS: GET YOUR VOTES IN!!

After some HEAVY voting last night (and I mean, HEAVY), BofA Merrill Lynch and BTIG won their battles to move into the final round. (Seriously, twice the amount of votes as Round Two). ...READ MORE

Churchill Capital Corp. II Prices $600M IPO

Jun 26, 2019 INTEL by Kristi Marvin

Churchill Capital Corp. II (CCX.U), announced the pricing of their upsized $600 million SPAC IPO this evening. Churchill II’s units are expected to begin trading tomorrow, June 27th, under the symbol NYSE: CCX.U. ...READ MORE

Black Ridge Acquisition Corp. Gets Another $5M Backstop

Jun 26, 2019 INTEL by Kristi Marvin

This afternoon, Black Ridge Acquisition Corp. (BRAC), announced that they have entered into a Letter Agreement for another $5 million backstop in addition to their previous $5 million backstop with TV Azteca. ...READ MORE

Churchill II Supersizes Their SPAC

Jun 26, 2019 INTEL by Kristi Marvin

Increases Deal Size to $600 Million.

Churchill Capital Corp. II, filed an amended prospectus this afternoon, increasing their deal size to $600 million. Demand has been BIG for this deal, so an upsize this large is completely do-able. ...READ MORE

2019 UWs Tournament: Final Four Update

Jun 26, 2019 INTEL by Kristi Marvin

THE FINAL FOUR!

It’s only 12:30PM, but voting was heavy this morning and BofA and Stifel came out strong. However, both matches are now neck and neck with Deutsche Bank and BTIG fighting their way back into contention! ...READ MORE

2019 UWs League Tournament: The Final Four!

Jun 26, 2019 INTEL by Kristi Marvin

THE FINAL FOUR!

It was another close day yesterday with Deutsche Bank and Citigroup battling it out all evening, but Deutsche Bank slowly climbed back after a slow start and managed to pull out a last minute victory again with a 51% to 49% win. ...READ MORE

Pensare (WRLS) Announces Intent to Extend to December 1st

Jun 25, 2019 INTEL by Kristi Marvin

With No Additional Contribution to Trust…

Pensare Aquisition Corp. (WRLS) announced this afternoon, via a new proxy, that they are proposing to further extend their deadline to December 1, 2019. ...READ MORE

2019 UWs League Tournament Mid-day Update:

Jun 25, 2019 INTEL by Kristi Marvin

The Elite Eight Matches

Voting in all matches broke out fast this morning and we now have four clear leaders, but things can change very quickly, as we saw yesterday. Plus, keep in mind that its the total number of votes throughout the entire tournament that counts and as we’ve seen, players are getting strategic – only voting for one team or voting against other teams they might have to match-up against next round. ...READ MORE

Let’s Talk About SC Health’s Warrant Backstop

Jun 25, 2019 INTEL by Kristi Marvin

Did anyone catch the term in SC Health’s new SPAC filing on Friday? If you didn’t, SC Health added an interesting twist for warrant holders. Essentially, this SPAC will be backstopping the warrants at $1.00 in the event of a liquidation. ...READ MORE

Churchill Capital Corp. II Pricing Their $400 Million SPAC Thursday

Jun 25, 2019 INTEL by Kristi Marvin

Churchill Capital Corp. II (CCX.U), which filed a new S-1/A this morning, is expected to price their $400 million SPAC Thursday evening, for trading Friday, June 28th. Michael Klein, will once again be leading as Chairman of the Board of Directors along with his deep bench of “Operating Partners“. ...READ MORE