November 18, 2015
SPAC for good?
Having previously disappeared into the folder marked ‘Inactive’ in the years following the 2007/08 financial crisis, the special purpose acquisition company (SPAC) collective investment structure has now returned to add a certain frisson to an often staid corporate landscape.
An intermittent presence in the US since the 1990s, and less well-known in Europe, a SPAC, for those unfamiliar with the concept, has been defined by the US Securities and Exchange Commission (SEC) as a “development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person”.
www.financierworldwide.com; December 2015
October 21, 2015
Pacific Special Acquisition Corp. Completes $50,000,000 Initial Public Offering
Pacific Special Acquisition Corp., a special purpose acquisition corporation, announced the closing of its initial public offering in the amount of $50,000,000.
Market Watch, Oct. 20, 2015
October 14, 2015
Capital for Capitol: Blank check company Capitol Acquisition III prices $300 million IPO at $10 per unit
Capitol Acquisition III, a blank check company formed and led by Mark Ein, raised $300 million by offering 30 million shares at $10, as expected.
www.nasdaq.com; October 14, 2015
October 09, 2015
Week ahead: Year's largest IPOs to raise $5 billion in a week that could see 10 offerings
As many as 10 companies are on the IPO Calendar to go public, including the year's largest and second-largest initial public offerings. Six are set to raise less than $50 million, mostly holdovers that had been unable to price in prior weeks.
Renaissance Capital; October 9, 2015
October 06, 2015
SPACs on Track for Second-Biggest Year
This year will be the second biggest ever for special purpose acquisition vehicles and their initial public offerings, which have already raised $3.46 billion...
www.TheDeal.com; October 6, 2015
September 23, 2015
Securities Disclosure Documents Cost Too Much? iDisclose Will Save You Thousands
“iDisclose is not a replacement for an attorney, stated Quinn. But it is an application that can save many hours, if not days, of legal work. As we know, with attorneys, time is money, this helps both entrepreneurs and law firms keep costs low.”
www.crowdfundinsider.com; Sept. 22, 2015
September 04, 2015
Why Buyout Barons Like a Blank Check
Buyout barons are jumping on the blank-check bandwagon.
’s TPG and Alec Gores’s Gores Group are the latest investment firms to pursue initial public offerings for special-purpose acquisition companies, or SPACs. But not all deal-making nous is necessarily the same.
www.nytimes.com; Sept. 3, 2015
August 26, 2015
SPAC Pacific Special Acquisition plans $57M IPO
A new special purpose acquisition company backed by Chinese brokerage firm Pacific Securities Co. Ltd. plans to raise up to $57.5 million in an initial public offering to acquire a business in Asia.
www.thedeal.com; August 25, 2015
August 21, 2015
TPG Files to Raise $460 Million in Buyout Vehicle IPO
TPG Capital, the private equity firm run by David Bonderman and Jim Coulter, plans to raise as much as $460 million in an initial public offering of an investment vehicle to make acquisitions.
August 13, 2015, www.bloomberg.com
August 18, 2015
SPAC Weekly 8/17: Special Purpose Acquisition Corps 101
The first installment of SPAC Weekly is being introduced via Valuewalk.com for the week of Aug. 17. The idea is to keep investors up to speed on Special Purpose Acquisition Corps, also known as SPACs, on a weekly basis. A SPAC is a blank check company created for the purpose of acquiring a private company. It is a backdoor route to taking a private company public while enriching the teams that execute on completing a deal.
June 22, 2015
Douglas S. Ellenoff, a member of the Firm, was invited by the Toronto Stock Exchange to be part of a panel in their event titled "Taking Advantage of the SPAC Momentum on Toronto Stock Exchange." Mr. Ellenoff spoke on the U.S. SPAC Experience.
June 18, 2015
Alignvest Acquisition Corporation, a blank check company, set up primarily to buy an operating asset, is raising almost double the money it set out to generate via an initial public offering on the Toronto Stock Exchange. The Toronto-based firm said it plans to sell 22.5 million units at $10 a unit and raise $225 million. It had initially set out to raise $125 million by selling 12.5 million units at $10 apiece. EG&S is acting as counsel to Alignvest and the U.S. underwriters.
June 16, 2015
Electrum Special Acquisition Corporation (NASDAQ: ELECU), a blank check company, announced the closing of its initial public offering in the amount of $200 million. EG&S acted as counsel to the underwriters.
March 24, 2015
Harmony Merger Corp., a blank check company, announced the pricing of their inital public offering. The closing of the Company's initial public offering of 10,000,000 units is expected to be consummated on or about March 27, 2015. EG&S acted as counsel to the underwriter.
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.