News & Events - SPACs

  • 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.

  • 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...
     

  • August 09, 2010

    Hong Kong-based electronics injection molder Plastec International Holdings Ltd. will go public on a U.S. stock exchange following a $73.4 million deal with a Cayman Islands-based holding company. Plastec was founded in 1993 and conducts business under the name Sun Line Industrial Ltd. It employs 4,600 at five facilities with a total of 1.7 million square feet of manufacturing space in Guangdong and Jiangsu provinces.
     

  • June 29, 2010

    Tom Hicks is back in the market with a new special purpose acquisition company, Hicks Acquisition Co. II, looking to raise $200 million for the new vehicle. The SPAC follows the model of 57th Street General Acquisition Corp. that is eschewing a shareholder vote for proposed business combinations. According to a preliminary prospectus, Hicks Acquisition Co. II is offering 20 million units at $10 a share, with each unit consisting of one share of common stock and one warrant, with a strike price of $12 a share...
     

  • June 01, 2010

    announced today that it has closed the sale of 456,300 units subject to an over-allotment option granted to the underwriters in its initial public offering ("IPO"). Ellenoff Grossman & Schole LLP acted as counsel to the Company...
     

  • May 03, 2010

    Subscriptions for Samsung Life Insurance shares, which get listed on the stock market on May 12, began Monday. The biggest fish in the initial public offering (IPO) market this year drew huge attention from the part of investors, but outlooks dffers among analysts regarding whether the IPO will be fruitful as expected.

  • April 08, 2010

    A blank-check company sponsored by the Greek shipping group Navios Holdings(NM) finally has a business to go along with its incorporation, after announcing an agreement on Thursday to purchase 13 tanker ships for nearly half a billion dollars.
     

  • April 07, 2010

    The Hingham company announced today that it successfully completed a warrant exchange offer required for its merger with BPW Acquisition Corp., a special purpose acquisition company tied to private-equity firm Perella Weinberg Partners.
     

  • February 04, 2010

    Helikos SE, a newly formed special purpose acquisiton company (SPAC) incorporated in Luxembourg, announced a EUR250 million offering on the Frankfurt Stock Exchange (FSE).

  • November 13, 2009

    These vehicles, which are structured similarly to special purpose acquisition companies, do not face the same bank-buying regulations imposed upon PE firms by the FDIC, and are steadily gaining favor with regulators.

  • October 21, 2009

    We’re going to look at two or three deals from The Great SPAC Wave Of 2007-2008.