News & Events - SPACs

  • March 12, 2015

    Dundee Acquisition Ltd., “a newly organized special purpose acquisition corporation,” filed a preliminary prospectus to raise $100 million via the sale of units, priced at $10.  EGS served as U.S. underwriter counsel.

  • February 26, 2015

    Hennessy Capital Acquisition Corp. announced the completion of its previously announced acquisition of School Bus Holdings.  EG&S acted as counsel to Hennessy.

  • February 17, 2015

    FinTech Acquisition, a blank check company formed by management of The Bancorp to acquire a financial technology business, raised $100 million by offering 10 million shares at $10 per share.  EG&S acted as counsel to FinTech.

  • September 12, 2014

    Changes in the listing requirements of the JSE that allow for the creation of special purpose acquisition companies (Spacs) could help private equity investors or venture capitalists to raise funds to invest in small and medium-size businesses.

  • September 03, 2014

    Directors of Malaysia's BPHealthcare, a diagnostics-to-laboratory medical group, plan toraise up to 500 million ringgit ($157 million) through a special purpose acquisition vehicle (SPAC) listing next year, accordingto two sources with direct knowledge of the deal.

  • August 20, 2014

    Hydra Industries Acquisition Corp. has filed for an initial public offering (IPO) as of August 19. The offering is 10 million units, which are valued at $100 million. The company plans on listing on the Nasdaq as HDRAU.

  • August 18, 2014

    Investors Flock to SPACs Amid Low Rates

    Special-purpose acquisition companies (SPACs), on which investors once turned their back, are garnering attention. As deposit interest rate offered by retail banks is close to one percent, SPACs are emerging as an alternative investment vehicle for investors. The number of SPACs which will go public this year is expected to reach over 10, more than five times higher than two tallied last year.

    MK Business News; August 18, 2014

  • July 22, 2014

    Terrapin 3 Acquisition Corporation (NASDAQ: TRTLU) (the "Company") closed its initial public offering of 21,275,000 units, including 2,775,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $212,750,000. The Company is a newly organized blank check company formed for the purpose of effecting a merger or other business combination with a target company. The proceeds of the offering will be used to fund such business combination.  EG&S LLP served as counsel to Terrapin.

  • July 18, 2014

    Sino Mercury Acquisition, a blank check company formed to acquire a non-traditional finance business in China, filed and set terms for an initial public offering on Friday. The recently formed New York, NY-based SPAC plans to raise $40 million by offering 4.0 million shares at $10 per unit. At that price, the company would command a market value of $52 million.
     

  • July 02, 2014

    DT Asia Investments, a blank check company formed to acquire a middle-market growth business in China, filed on Tuesday with the SEC to raise up to $60 million in an initial public offering. The recently-formed Hong Kong-based SPAC plans to raise $60 million by offering 6.0 million units at $10 per unit. At that price, the company would command a fully diluted market value of $79 million.

  • June 23, 2014

    Terrapin 3 Acquisition, a Macquarie Capital-backed blank check company led by Nathan Leight, filed on Monday with the SEC to raise up to $185 million in an initial public offering. The recently formed New York, NY-based company plans to list its units on the NASDAQ under the symbol TRTLU.

  • June 18, 2014

    New York-based blank cheque firm Millennium Investment & Acquisition Company (MIAC), formerly known as Millennium India Acquisition Company Inc and created as a special purpose acquisition company (SPAC) to invest in India, has signed an asset purchase agreement for a potential acquisition of an activated carbon biomass plant in the US, as part of its plans to focus on alternative energy assets.

  • June 06, 2014

    Shares of WL Ross Holding Corp, a special purpose acquisition company set up by billionaire Wilbur Ross, rose slightly in their market debut on Friday. The company raised $435 million after selling 43.5 million units for $10 per unit. Each unit comprises one share and one warrant to buy half a share.

  • June 02, 2014

    Earlier today WL Ross Holding Corp. announced that it plans to offer, subject to market and other conditions, 40 million units, each consisting of one share of its common stock and one warrant to purchase one-half of one share of its common stock at an offering price of $10.00 per unit. WL Ross Holding Corp. is a newly organized blank check company formed for the purpose of effecting a merger or other business combination with a target company.

  • May 20, 2014

    Garnero Group Acquisition, a blank check company managed by Mario Garnero to acquire energy or biotech companies in Latin American, filed and set terms for an initial public offering on Tuesday.

  • May 19, 2014

    BSP Acquisition, blank check company formed by Sanford Miller to acquire a US firm in the travel industry, filed and set terms for an initial public offering on on Monday. The Daytona Beach, FL-based company plans to raise up to $100 million by offering 10 million units at a price of $10.

  • May 13, 2014

    Reach Energy Bhd, the fourth oil and gas special-purpose acquisition company (SPAC) to seek a Main Market listing on Bursa Malaysia, will be the largest initial public offering (IPO) for a SPAC by its fundraising size of RM750mil.

  • May 13, 2014

    Billionaire Wilbur Ross joins the market move back to SPACs

    Billionaire Wilbur Ross has launched a special investment vehicle, which had been popular just before the financial crisis gripped the markets, to make opportunistic acquisitions. The prominent investor, who carved out a reputation restructuring troubled companies in the ’80s and ’90s and then launched his own private equity firm 14 years ago, has submitted a filing with the Securities and Exchange Commission to form a so-called special purpose acquisition corporation (or SPAC). The deal marks Ross’s first SPAC, sources familiar with the matter say.

    Quartz, May 13, 2014

  • May 05, 2014

    Blank check company 1347 Capital files and sets terms for $40 million IPO

    1347 Capital, a blank check company formed by a team from Fund Management Group, filed and announced terms for its IPO on Monday. The Itasca, IL-based company plans to raise $40 million by offering 4.0 million shares at a price $10. At the proposed price, it would command a fully diluted market value...

    Renaissance Capital, May 5, 2014

  • April 16, 2014

    Committed Capital Acquisition Corporation II Announces Closing of $35,000,000 Initial Public Offering

    Committed Capital Acquisition Corporation (the "Company") CCAQU 0.00% announced today that it has closed its initial public offering for gross proceeds of $35 million. The Company is a blank check company that was formed for the purpose of acquiring or merging with an operating business.

    PR Newswire, April 16, 2014

  • April 14, 2014

    Glori Energy Inc. and Infinity Cross Border Aquisition Corporation Announce Completion of Merger and Private Placement

    Glori Energy Inc. ("Glori"), an energy technology company, and Infinity Cross Border Acquisition Corporation (Nasdaq: INXB) ("Infinity"), a special purpose acquisition company, announced today that they have completed the merger and share exchange agreement (the "Merger Agreement") first announced on January 8, 2014, and a simultaneous private placement led by Infinity Group and Hicks Equity Partners LLC ("Hicks").

    Glori Energy, April 14, 2014

  • March 17, 2014

    Kingsway Subsidiary 1347 Capital LLC Signs Letter of Intent to Sponsor Initial Public Offering via a SPAC

    Kingsway Financial Services Inc. ("Kingsway" or the "Company") today announced that its wholly-owned subsidiary, 1347 Capital, LLC, has signed a letter of intent to sponsor an initial public offering by a special purpose acquisition company to be formed by it. The offering is expected to include four million units, each unit consisting of one share of common stock, one right to...

    PR Newswire, March 17, 2014

  • January 16, 2014

    Hennessy Capital Acquisition Corp. Completes $115 Million Initial Public Offering

    Hennessy Capital Acquisition Corp. (the "Company") announced today that it priced its initial public offering of 10,000,000 units at $10.00 per unit. Each unit issued in the initial public offering consists of one share of the Company's common stock and one warrant to purchase one half of one share of common stock at an exercise price of $5.75 per half share ($11.50 per full share). The Company has granted the underwriters a 45-day option to purchase up to 1,500,000 additional units to cover over-allotments,...

    www.marketwatch.com; January 16, 2014

  • August 19, 2013

    Andina Acquisition Corporation to Acquire Tecnoglass S.A. and C.I. Energia Solar S.A. E.S. Windows

    Andina Acquisition Corp. (ANDA) has agreed to buy glass maker Tecnoglass S.A. for roughly $178 million, a deal it says allows it to participate in a growing industrial business in Latin America.  Based in Barranquilla, Colombia, Tecnoglass is a manufacturer of hi-spec, architectural glass and windows for the global residential and commercial construction industries.

    www.marketwatch.com; August 19, 2013

  • July 25, 2013

    Silver Eagle Acquisition Corp., Founded By Harry E. Sloan And Jeff Sagansky, Announces Pricing Of $300 Million Initial Public Offering

    Silver Eagle Acquisition Corp. (the "Company"), an acquisition vehicle formed by media executives Harry E. Sloan and Jeff Sagansky, announced today that it priced its initial public offering of 30,000,000 units at $10.00 per unit. Each unit issued in the initial public offering consists of one share of the Company's common stock and one warrant to purchase one half of one share of common stock at an exercise price of $5.75 per...

    PR Newswire, July 25, 2013