SC Health Corporation Prices $150M IPO
SC Health Corporation (SCPE.U), announced the pricing of their $150 million SPAC IPO this evening. SC Health’s units are expected to begin trading Friday, July 12th, under the symbol NYSE: SCPE.U. ...READ MORE
Tuscan Holdings Corp. II Prices Upsized $150M IPO
Tuscan Holdings Corp. II (THCAU), announced the pricing of their surprise upsized $150 million SPAC IPO this evening. Tuscan II’s units are expected to begin trading Friday, July 12th, under the symbol Nasdaq: THCAU. ...READ MORE
Pivotal Investment Corp. II Prices $200M IPO
Pivotal Investment Corporation II (PIC.U), announced the pricing of their $200 million SPAC IPO this evening. Pivotal II’s units are expected to begin trading Friday, July 12th, under the symbol NYSE: PIC.U. ...READ MORE
Thunder Bridge (TBRG) Announces Approval of Combination
This afternoon, Thunder Bridge Acquisition Corp. (TBRG), announced the approval of their business combination with Repay Holdings. and the results of their shareholder vote.
Unfortunately, all we have so far are the vote counts, but hopefully we will be given additional information on the number of redemptions and the actual redemption price in a forthcoming press release or new filing. ...READ MORE
8i Entreprises Acquisition Corp. to Combine with Diginex Ltd.
8i Enterprises Acquisition Corp. (JFK) announced this morning the execution of a share exchange agreement with Diginex Limited, a global blockchain financial services and technology company headquartered in Hong Kong. Upon completion of the transaction, Diginex is anticipated to have an initial enterprise value of approximately $276 million. ...READ MORE
Follow-up: What is the Impact of Nasdaq’s Approved Rule Changes?
As promised, Carol Anne Huff, from Kirkland & Ellis, is back again with a follow-up post on the recently accelerated approval of the Nasdaq’s proposed rule changes and the potential impact to the SPAC universe. ...READ MORE
Black Ridge Acquisition Corp. (BRAC) Releases Extension Vote Info
This afternoon, Black Ridge Acquisition Corp. (BRAC), released the details of their shareholder vote to approve their new extension deadline from July 10th to August 10th.
Per the 8-K, 9,246,727 shares of the Company’s common stock elected to redeem at a per-share price of $10.29. ...READ MORE
Social Capital Hedosophia to Combine with Branson’s Virgin Galactic
Social Capital Hedosophia Holdings Corp. (IPOA) just radioed Major Tom this morning to tell him he “really made the grade”. If you haven’t heard yet, IPOA announced this morning that they have signed a definitive agreement with Richard Branson’s Virgin Galactic (“VG”), to combine and create the first publicly traded company dedicated to human spaceflight. ...READ MORE
ALERT: SEC Approves NASDAQ’s Proposed Rule Changes on an Expedited Basis
This is big deal….on Friday, July 5th, the SEC granted accelerated approval of the Nasdaq’s proposed rule change to their listing standards and this could significantly impact post-combination SPACs with low floats going forward. ...READ MORE
Black Ridge Acquisition Corp. Sets New Date for Combination Vote
Black Ridge Acquisition Corp. (BRAC) filed a new 8-K this morning, alerting shareholders that it has set a new date for their shareholder vote to complete their combination with Allied Esports. ...READ MORE
DFB Healthcare Announces Combination with AdaptHealth
DFB Healthcare Acquisition Corp. (DFBH), announced this morning that they have entered into a definitive business combination agreement with AdaptHealth Holdings, LLC (“Adapt”), the third largest distributor of home medical equipment (“HME”) in the United States. ...READ MORE
Conyers Park II Files for $400M IPO
…..with a 1/4 warrant. Have we reached “Peak SPAC”?
(The below article was previously released in Monday’s SPACInsider Newsletter)
As many of you know by now, last Friday evening saw Conyers Park II Acquisition Corp. ...READ MORE
Happy Fourth of July
Summertime
DJ Jazzy Jeff & The Fresh Prince
Summer summer summertime
Time to sit back and unwind
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
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
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
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
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
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
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
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
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