News & Events - SPACs

  • March 01, 2012

    ROI Acquisition, a blank check company backed by consumer-focused private equity firm the Clinton Group, raised $75 million by offering 7.5 million shares at $10.00.

  • February 21, 2012

    Hugh Osmond is poised to launch the successor to his Horizon investment vehicle as early as this month, with an expected fund-raising target in the region of £500m.  Mr Osmond, perhaps best known as one of the people behind the growth of Pizza Express, is understood to be finalising plans for a special purpose acquisition company (SPAC) through which the money will be raised.

  • October 29, 2011

    Hibiscus Petroleum, South-East Asia’s first listed special purpose acquisition company, has announced its first proposed transaction. Its subsidiary, Gulf Hibiscus, has agreed to pay US$50m for 76.9m new shares, equivalent to a 27.2% stake, in Lime Petroleum...

  • October 28, 2011

    Committed Capital Acquisition Corporation (OTCBB: CMTPU) announced today that it has closed its initial public offering of 5,750,000 units at a price of $5.00 per unit for net proceeds of $28.75 million, which includes the full exercise of the underwriter's over-allotment option. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $5.00 per share. The common stock and warrants...

  • August 27, 2011

    The British Airways (BA) chairman, who earlier this summer was pipped at the post to run the Tote by rival BetFred, is contemplating setting up a special-purpose acquisition company (SPAC) to provide a permanent source of capital to match his future ambitions...

  • July 21, 2011

    Douglas S. Ellenoff and Stuart Neuhauser, members of the Firm, led a SPAC panel moderated by Rothstein Kass on how SPACs are benefiting the private equity industry.
     

    Click here to view the presentation

  • July 19, 2011

    Douglas S. Ellenoff, a member of the Firm, was invited by Deal Flow Media to open their 2011 SPAC Conference with opening remarks on the state of the SPAC market.

    Click here to listen to the audio

  • July 15, 2011

    Nautilus Marine Acquisition Corp. (NASDAQ: NMARU), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business, today announced the pricing of its initial public offering...
     

  • July 15, 2011

    Blue Wolf Mongolia Holdings Corp. (the "Company") (NASDAQ: MNGL), a newly-organized
    blank check company formed for the purpose of acquiring or merging with an operating
    business, today announced the pricing of its initial public...
     

  • June 30, 2011

    Azteca Acquisition Corporation, a blank check company focused on businesses in Mexico
    and the US led by the Brener family, raised $100 million on Thursday...

  • June 22, 2011

    Stuart Neuhauser, a partner at Ellenoff Grossman & Schole LLP was invited by IPO Vital
    signs to comment on the resurgence of SPACs in the 2011 IPO market.
     

  • June 16, 2011

    Empeiria Acquisition Corp. (the "Company") (OTCBB: EPAQU), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business, today announced the pricing of its initial public offering of 6,000,000 units at a price of $10.00 per unit for gross proceeds of $60,000,000 on June 15, 2011. Each unit issued...

  • June 08, 2011

    The recession pretty much killed blank check companies and special purpose acquisition companies (or SPACs). After more than two years of an equity market recovery, we have started to see periodic blank check companies file for initial public offerings. The newest filing is from Blue Wolf Mongolia Holdings Corp. It is probably going to stand out from other similar offerings. The company...

  • May 24, 2011

    St. Louis buyout veteran James Mills is asking investors to write him a blank check for $100 million.  Mills is chairman of Empeiria Acquisition Corp., a New York company that has filed for an initial public stock offering even though it has no operations. The idea is that Empeiria's managers will use investors' money to make one or more acquisitions.

  • May 23, 2011

    The success of Crumbs Inc. (CRMB.OB) has given a new spark to the market for special purpose acquisition companies.  Shares of the chain of cupcake bakeries have climbed almost 20% to $11.90, as of late this morning, since its merger with 57th Street General Acquisition Corp. early this month.

  • May 18, 2011

    Global Eagle Acquisition Corp. (Nasdaq: EAGLU), a special purpose acquisition company
    (SPAC) led by media executives Harry Sloan and Jeff Sagansky, today announced the
    closing of its initial public offering in which it raised approximately $190 Million ...

  • May 05, 2011

    57th Street General Acquisition Corp. (“57th Street” or the “Company”) (OTCBB: SQTC) and Crumbs Holdings LLC (“Crumbs”), the largest US-based retailer of cupcakes, which operates under the name Crumbs Bake Shop, jointly announced today that they have closed on their business...

  • April 25, 2011

    Azteca Acquisition Corporation, a blank check company focused on businesses in
    Mexico and the US led by the Brener family, filed on Friday with the SEC to raise...
     

  • April 19, 2011

    Global Cornerstone Holdings Limited (the "Company") (OTCBB:GCRSF), a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business, today announced the pricing of its initial public offering of 8,000,000 units at a price of $10.00 per unit for gross proceeds of $80,000,000...

  • April 13, 2011

    SCG Financial Acquisition Corp. (SCGQU.OB: News ), a newly-organized blank
    check company formed for the purpose of acquiring or merging with an operating business, said Wednesday that it has priced its initial public offering of 8 million...
     

  • March 31, 2011

    Prime Acquisition Corp. (Nasdaq: PACQU) (the "Company") today announced the closing of
    its initial public offering on March 30, 2011. The initial public offering was for an aggregate
    of 3,600,000 units at $10.00 per unit. Each unit consists of one share of common...
     

  • March 22, 2011

    In volatile IPO markets, a SPAC can take companies public with a comfortable level of
    certainty for the transaction. In light of volatile capital markets, so-called
    special-purpose acquisition companies (SPACs) are becoming increasingly popular
    with investors in European markets. SPACs, which originated in the United...

  • March 18, 2011

    Activist investor Phillip Goldstein, Bulldog Investments co-founder, explains why he sees opportunities in SPACs.....

  • March 14, 2011

    Robert L. Johnson, Chairman of The RLJ Companies and founder of Black
    Entertainment Television (BET), announced today that RLJ Acquisition, Inc. (the
    "Company") actively commenced its search for a business combination following its
    successful initial public offering. RLJ Acquisition, Inc. is a special purpose....
     

  • March 07, 2011

    Stocks are way up in the last couple of years and the IPO market is back to producing
    some of the usual companies you might expect. Now there may even be a blank check IPO
    hitting the markets again. A new outfit called Empeiria Acquisition Corp....