SPACs: Special Purpose Acquisition Corporations
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 which includes both our Capital Markets and M&A lawyers has been the most active Firm in the U.S. Over the course of the last couple of years, EG&S has been involved in nearly 40% of all SPAC IPOs, either as issuer’s or underwriter’s counsel. During the last 15 years, members of the Firm have been involved with over 260 blind pool/SPACs and 53 SPAC Acquisitions with collective enterprise values in the billions of dollars.
EGS led the SPAC IPO Legal League Tables for both the fourth quarter and Full-Year 2018 (click here to see the league tables) and we have already broken our own record from 2018. EGS worked on an incredible 33 SPACs in 2019 which raised more than $7bn.