February 24, 2011
The SPAC Conference 2011 taking place May 23rd in New York City examines the next
generation of SPACs and explores the structural changes that will impact sponsors,
investors, potential targets and foreign private issuers. EG&S is the premier sponsor.
February 22, 2011
As the market for blank-check companies continues to build momentum, Carlyle Group vet Mark Ein is prepping a follow up to his first effort, signaling plans via an S-1 filing to raise $175 million for Capitol Acquisition Corp. II. Ein previously founded Capitol I, which was among the few blank check companies to follow through with an acquisition...
February 16, 2011
Robert L. Johnson, Chairman of The RLJ Companies and founder of Black Entertainment Television (BET), announced today that RLJ Acquisition, Inc. (the "Company") has successfully raised $125 million in its initial public offering. The Company sold 12.5 million units at $10.00 per unit...
February 06, 2011
Ackman is a major backer of a special-purpose acquisition company, or cash shell, that's aiming for a listing on the London Stock Exchange. The vehicle, called Justice, plans to raise about 700 million pounds ($1.13 billion) and is looking to make an acquisition worth 1 billion pounds to 5 billion pounds, including debt, the Financial Times reported Sunday.
January 14, 2011
China Resources Development filed a $75 million SPAC, the first new SPAC of 2011. The SPAC will be focused on basic minerals mining and related industries in China. The team is led by Robin Lee, the Chairman of SSC Mandarin, a mining-focused advisory firm based in Hong Kong. The team is substantially the same as China Mining Resources Holdings, which filed for an IPO in 2008 but did not make it to the market before the financial crisis.
Iron Hills Advisors, together with Global Strategic Partners, is advising the SPAC.
Notably, this is the first SPAC to file without an underwriter.
Unit structure: $10.00 unit, consisting of 1 share of common stock and 1 warrant struck at $11.50
Sponsor at-risk investment: $3mm (4.0% of offer size); $0.50 paid per warrant
Sponsor promote: 20% (no hurdles)
Amount in trust: 100.0%
Redemption threshold: Less than93% elect to redeem their shares
Time limit: 24 months
January 13, 2011
The founders of European alternatives firm BLM Partners have kick started their fundraising drive with the creation of Italy1, a special purpose acquisition company (or SPAC). SPAC’s are publicly-traded buyout companies which call for a shareholder vote on an acquisition, unlike their private equity...
January 10, 2011
The New York City-based cupcake chain, Crumbs Bake Shop, is set to be acquired by the special purpose acquisition company, 57th Street General Acquisition Corp. The merger is valued at $66 million. The blank check company was created in October 2009 and by May 2010 it brought in roughly $54 million in proceeds when it listed on the OTC. 57th Street...
December 21, 2010
Register now for this complimentary one-hour web seminar to hear leading practioners Ellenoff Grossman & Schole LLP present an overview of the current SPAC market.
December 15, 2010
FlatWorld Acquisition Corp. (the "Company") (OTC Bulletin Board: FTWAU), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business in either the global business services sector or emerging...
December 10, 2010
December 09, 2010
a newly-organized blank check company formed for the purpose of acquiring or merging with
an operating business in either the global business services sector or emerging Asian
markets including China and India, today announced the pricing of its initial public offering of 2,200,000 units at a price of $10.00 per unit...
December 04, 2010
Robert L. Johnson, Chairman of The RLJ Companies and founder of Black Entertainment Television, today announced that RLJ has filed with the Securities and Exchange Commission a registration statement for a proposed $125 million public offering of units by RLJ Acquisition, Inc., a newly-formed Special Purpose Acquisition Company ("SPAC"). A SPAC, also known as a blank check...
November 24, 2010
At the General Meeting of Shareholders held today in New York, the shareholders of Liberty Acquisitions Holding Corp passed the resolutions required to approve a business combination with PRISA. On Saturday, 27th PRISA’s shareholders are expected to ratify the operation at an...
November 16, 2010
Australia Acquisition Corp. said Tuesday it priced its initial public offering of 6.4 million units at $10 per unit. It describes itself as a blank check company, meaning it is in the development stage and its purpose is to execute at least one merger or
acquisition. The company said it plans to focus on businesses that have their primary operations in Australia.
November 02, 2010
New York’s biggest and brightest firms have been working overtime to lend their legal expertise across the seven seas. Of interest are their recent dealings on China-focused M&A structured through the Caribbean Islands. These companies, large, small and....
November 01, 2010
Special purpose acquisition companies became popular in the boom, raising cash through initial public offerings that could be invested in virtually any business. The catch is that SPAC investments require approval from shareholders, who became skittish in the crunch. Of the $17.1 billion raised by the 50 largest SPACs since 2000, some $5.8 billion was returned to shareholders minus expenses, according to Dealogic. And among SPACs that....
October 18, 2010
European CleanTech 1 SE, a special-purpose acquisition company set up to invest in the "clean" energy sector, Monday said it raised EUR115 million in an initial public offering on the Frankfurt Stock Exchange, less than...
October 13, 2010
FlatWorld Acquisition Corp., a British Virgin Islands-based blank check company, is planning to raise $35 million in an initial public offering (IPO) of 3.5 million units at an offer price of $10 per unit.
October 12, 2010
Hicks Acquisition Company II, a special purpose acquisition company, has launched an IPO worth $150 million. The company sold 15 million units, each consisting of one share of the company’s common stock and one warrant.
October 08, 2010
Special purpose acquisition company Cazador Acquisition Corporation Ltd priced its initial public offering (IPO) of 4m units at USD10.00 per unit, it stated on Thursday. Cazador, which was formed to acquire an operating business in Central and Eastern European, Latin American or Asian developing countries, said that each IPO issued unit consists of one of its common shares and one...
September 24, 2010
Cazador Acquisition Corp. is planning to offer 5 million units in an initial public offering worth up to $50 million, according to a Securities and Exchange Commission filing.
September 22, 2010
Hicks Acquisition II, a blank check company organized by Thomas Hicks of Hicks Holdings, LLC, announced terms for its IPO on Monday. The Dallas, TX-based company plans to raise $200 million by offering 20 million units at an estimated price
September 03, 2010
Cazador Acquisition Corp. filed plans to hold an initial public offering of at least 5 million units, according to the company's Securities and Exchange Commission filing on Friday, at a price estimated to be $10 per unit. The company was recently incorporated in the Cayman Islands with the intention of developing a business combination in emerging markets in Central and Eastern Europe, Latin America and Asia, although it could pursue....
August 20, 2010
L&L Acquisition Co. announced plans to raise up to an estimated $57.5 million through an initial public offering, launching a capital-raising effort by a once-common sector--special purpose acquisition vehicles. Such entities--created to raise capital for acquisitions--were popular before the financial crisis for investors to tap the markets for takeover financing. But some SPACs were unable to find a suitable deal and ultimately returned the money to investors. SPACs generally have two years...
August 13, 2010
The Boston-based private equity firm J.W. Childs Associates is trying again to raise funds for a special purpose acquisition company (SPAC) after pulling the registration statement for a $200 million SPAC last November. The middle market leveraged buyout shop is sponsoring JWC Acquisition Corp. and will attempt to raise up to $172.5 million including the over-allotment option. It will focus...