A SPAC is a newly formed corporation by a prominent and qualified sponsor/management team for the purpose of raising capital in an IPO in anticipation of identifying and consummating a business combination.
For the last five years, EG&S's SPAC Practice Group (consisting of 10 lawyers) has been the most active.
Over the course of the last couple of years, EG&S has been involved in nearly 50% of all SPAC IPOs, either as issuer's our underwriter's counsel. During the last ten years, members of the Firm have been involved with over 80 blind pool/SPACs and 40 SPAC Acquisitions.
In 2010, EG&S innovated a new SPAC structure for 57th Street General Acquisition Corp. that is now the accepted convention.
Read our power point presentation on Blind Pools and SPACs
Listen to an introduction by Douglas S. Ellenoff: