Below are the newly released SPAC Auditor League Tables for the second quarter of 2020 and the first half of the year. As you can see below, the Auditor League is dominated by just two auditing firms - Marcum LLP and WithumSmith+Brown ("Withum"). So each quarter is generally just a look into how close these two competitors come to edging each other out.
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Methodology: Each law firm is given full credit for the IPO size to calculate Deal Volume. Additionally, Deal Count is further broken out into Issuer's Counsel and Underwriter's Counsel to give greater visibility into into legal assignments. All data is initially sorted and ranked by Deal Volume, but each column is further sort-able by clicking on the arrow keys in the header cell of each column.
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HL Acquisitions Corp. (HCCH), which previously announced their intended combination with Fusion Welcome-Fuel, held their shareholder vote today to extend their completion deadline three months to October 2, 2020. The extension was approved, but more importantly, HCCH had a very light number of shareholders redeem, thanks to a share price trading around $12.22, which is well above the estimated cash in trust value of $10.56.
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This morning, Graf Industrial Corp. (GRAF) set the rumors to rest by announcing they have entered into an Agreement and Plan of Merger with Velodyne Lidar. As recently as April of 2020, Graf had been in “negotiations” to combine with a polypropylene recycling company, so the deal makers at Graf have been busy.
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This morning, Ascendant Digital Acquisition Corp. and Property Solutions Acquisition Corp. filed their S-1s to IPO, for $300 million and $200 million respectively. Not too long ago, two SPAC IPOs in one morning would seem like a flurry of activity.
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Capstar Special Purpose Acquisition Corp. (CPSR.U), announced the pricing of their upsized $240 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Thursday, July 2nd, under the symbol NYSE: CPSR.U
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Methodology:
In addition to the traditional methodology used whereby any bookrunner or lead manager gets full credit for IPO size to calculate deal volume, there are two additional rankings - volume by number of units sold and volume sold % market share (highlighted in green). For example, if SPAC-XYZ raised $500 million at IPO, and underwriter A sold $400 million of the same deal and underwriter B sold only $100 million, that’s how they will be credited. This methodology gives a more accurate window into the actual deal volume.
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Panacea Acquisition Corp. (PANA.U), announced the pricing of their $125 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, July 1st, under the symbol NYSE: PANA.U
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Gordon Pointe Acquisition Corp. (GPAQ), announced today that shareholders have approved their business combination with HOF Village, Inc. At today’s vote, 97% of the shares that voted, voted in favor of this transaction.
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This morning, OPES Acquisition Corp. (OPES), which previously announced a non-binding Letter of Intent with BurgerFi International, LLC (“BurgerFi”), made it official this morning by announcing they have entered into a definitive agreement to combine and form BurgerFi International, Inc.
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GS Acquisition Holdings Corp. II (GSAH.U), announced the pricing of their $700 million SPAC IPO this morning and the units are expected to begin trading today, Tuesday, June 30th, under the symbol NYSE: GSAH.U.
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ARYA Sciences Acquisition Corp. (ARYA) announced by press release this afternoon that their combination with Immatics Biotechnologies GmbH has been approved. The shares of common stock and warrants are expected to begin trading under the tickers (IMTX) and (IMTXW).
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Netfin Acquisition Corp. (NFIN) announced a “teaser” this morning that they have signed a non-binding Letter of Intent to acquire Triterras Fintech Pte. Ltd., a leading commodity trading and trade finance fintech company founded in 2012.
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On Friday afternoon, HPX Corp. (HPX.U) filed for a $200 million IPO. They will be focused on finding a company in Brazil and will be one of two Credit Suisse SPACs actively looking for a target in Brazil (Replay Acquisition Corp.
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This morning, Landcadia Holdings II, Inc. (LCA) announced the signing of a Purchase Agreement with Golden Nugget Online Gaming, a deal combining two Tilman Fertitta companies into a publicly traded entity.
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