News & Events - SPACs

  • 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....
     

  • February 28, 2011

    China VantagePoint Acquisition Company (OTC Bulletin Board: CHVPF) (the "Company") announced today that it consummated its initial public offering of 2,750,000 units on February 25, 2011. Each unit consists of one subunit and one-half of a warrant. Each subunit consists of one ordinary share and one-half of a warrant...
     

  • 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.

    Key highlights:

    Size: $75mm
    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

    GSMEF

  • 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

    Douglas S. Ellenoff and Stuart Neuhauser, both partners of the Firm, led a SPAC Panel that was hosted by the NYSE Euronext. Also on the panel were Robert Wotczak - NYSE Euronext; Mark Klein - 57th Street; Tina Pappas - Morgan Joseph, Steve Kaplan - Ladenburg Thalmann and John Shaw - Deutsche Bank. The panel discussed the status of the SPAC market, recent structural changes, including the legal impact of the tender offer rules as an alternative to the traditional proxy regime, sponsor ownership, warrant pricing and a look into the impact on foreign private issuer SPACs.