Churchill Capital Corp. (CCC), which debuted their IPO just four months ago on September 7th, has announced a definitive merger agreement with Clarivate Analytics in a transaction valued at approximately $4.2 billion. Churchill ...READ MORE
Gores Metropoulos Acquisition Corp. filed another amendment to their prospectus, however, there are no material changes to the terms. ...READ MORE
Haymaker Acquisition Corp. (HYAC), announced this morning that they have amended their business combination agreement with Steiner Leisure regarding the proposed acquisition of OneWorldSpa, a global provider of health and wellness products and services onboard cruise ships and in destination resorts. ...READ MORE
This morning, we had 2019’s SPAC #7 file for a $300 million IPO in the form of Acamar Partners Acquisition Corp. (ACAMU). Acamar is being led by Juan Carlos Torres Carretero, as Chairman, and Luis Ignacio Solorzano Aizpuru, as CEO. ...READ MORE
Jensyn Acquisition Corp. (JSYN), announced late this afternoon that its shareholders have approved the extension to their completion deadline to July 2, 2019.
At the vote, 186,085 shares exercised their right to redeem at a redemption price of approximately $11.01 per share, for an aggregate redemption amount of approximately $2,049,380. ...READ MORE
Late this afternoon, Federal Street Acquisition Corp. (FSAC), announced the approval of their business combination with Agiliti Health and the results of their shareholder vote.
The 8-k provided information as to vote counts for each of the proposals, but did not provide the amount of redemptions or at what price. ...READ MORE
Stellar Acquisition III, now Phunware (PHUN), released the results of their shareholder vote last night and for the most part, the results were unsurprising. 1,813,487 shares of Stellar common stock exercised their right to redeem their shares for cash at a price of $10.64 per share. ...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, starting last quarter we added two new columns to the rankings - volume by number of units sold and volume sold % market shares (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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To no one's surprise, Ellenoff Grossman and Schole ("EGS"), once again, led the SPAC IPO Legal League Tables for both the fourth quarter and Full-Year (FY) 2018. EGS absolutely dominated the league this year with a whopping 22 assignments, 16 of which were as Issuer's Counsel. Overall, EGS's 22 SPAC assignments accounted for a total 2018 deal volume of a massive $4.4 billion, representing approximately 40% of all SPAC IPO proceeds.
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Last night, while everyone was still recovering from the Christmas holiday, another new SPAC was filed making the forthcoming 2019 IPO count SIX. This latest SPAC is Pivotal Acquisition Corp. ...READ MORE
‘Twas the night before Christmas, when all through SPACLand
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
There was a flurry of news and filings Friday afternoon ahead of the Christmas Holiday week and ahead of the government shutdown (which could also shut down the SEC – more on that at the bottom of this post). ...READ MORE
UPDATE: Additional information on the Black Ridge transaction with Ourgame International Holdings was released this morning and the following is a summary of selected details found in the filings:
Federal Street Acquisition Corp. (“FSAC”) announced early this morning that they have amended both the merger agreement with Agiliti Health and the subscription agreement with Thomas H. ...READ MORE
Black Ridge Acquisition Corp. (BRAC) announced tonight they have signed a definitive agreement with Ourgame International Holdings Ltd. (“Ourgame”) to acquire two of Ourgame’s global esports and entertainment assets, Allied Esports International, Inc. ...READ MORE
Draper Oakwood Technology Acquisition, Inc., announced this evening that shareholders approved their business combination with Reebonz Limited. No details on vote counts or redemption values/amounts were provided, however, Reebonz has applied for listing of its ordinary shares and warrants on the NASDAQ Stock Market under the ticker “RBZ”. ...READ MORE
Federal Street Acquisition Corp. (FSAC), announced this afternoon, that they will be adjourning their special meeting of FSAC stockholders, originally scheduled to be held today, December 17, 2018. The new meeting date will now be held on Thursday, January 3rd, 2019. ...READ MORE
This afternoon, Deutsche Bank filed their second January SPAC with RMG Acquisition Corp. (RMG.U), a $200 million IPO focused on the diversified resources and industrial materials sectors. RMG will be led by Robert S. ...READ MORE
This morning, Draper Oakwood Technology (DOTA), put out an 8-K with additional details on their two backstop arrangements to secure their combination with Reebonz. Notably, the two backstop investors are S-4 Limited, which agreed to acquire 1,000,000 shares in the open market on Friday, and Vertex, which agreed to acquire $5 million worth of shares in the open market on Friday. ...READ MORE
Draper Oakwood Technology Acquisition, Inc. (DOTA), announced this morning that it has arranged two backstops to secure its business combination with Reebonz Limited. However, most of the finer details that you would want to see (and that DOTA doesn’t want you to see) have been left out. ...READ MORE