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....
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.
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...