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Author: Kristi Marvin

SPAC-Direct-Listings

SEC Approves NYSE Proposal for Direct Listings

Aug 28, 2020 INTEL by Kristi Marvin
…and SPACs now have some competition. On August 26th, the SEC approved the NYSE rule change proposal where companies now have the ability to raise capital in connection with a direct listing.  This is actually big news and could have some implications for SPACs.  Namely, all of the unicorns that SPACs have been chasing this
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Extension Vote Results: Hennessy Capital IV (HCAC)

Aug 27, 2020 INTEL by Kristi Marvin
HENNESSY CAPITAL ACQUISITION CORP. IV (HCAC) Hennessy Capital Acquisition Corp. IV (HCACU), filed an 8-K this afternoon detailing the results of today’s shareholder vote to extend their completion deadline from September 5, 2020 to December 31, 2020.  The extension deadline was approved, but more importantly, Hennessy IV had minimal redemptions. Per the 8-K, only 211,561
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Executive Network Partnering Corporation (ENPC.U) files for $300M IPO

Aug 26, 2020 INTEL by Kristi Marvin
The previously teased Executive Network Partnering Corporation SPAC (NYSE: ENPC.U), was finally filed on Monday as a $300 million offering of 12,00,000 CAPSTM  priced at $25.00.  This SPAC got major press coverage thanks to the addition of former US House Speaker and Governor Mitt Romney’s VP-nominee, Paul Ryan.  However, it’s unfair to call this a
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Petra Acquisition, Inc. (PAICU) Downsizes to $75M

Aug 26, 2020 INTEL by Kristi Marvin
It’s the second downsize this week. In another sign the bifurcation among teams in the SPAC market is growing, Petra Acquisition, Inc. (PAICU), re-filed their S-1 this morning with a downsize to $75 million.  However, keep in mind that Petra originally filed as a $125 million, 1/2 warrant, 24 months, $10.00 in trust SPAC.  They
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Burgundy Technology (BTAQU) Downsizes to $300M

Aug 25, 2020 INTEL by Kristi Marvin

This afternoon, Burgundy Technology Acquisition Corp. (BTAQU), re-filed their S-1 amending their terms with a rare downsize to $300 million. It doesn’t happen often, but August has been a tough month for SPACs and investors have begun been pushing back on some SPACs

On top of changing the size of the offering from $400 million to $300 million, Burgundy has also shortened it’s timeline from 24 months to 18 months. 

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proxy vote

Far Point Announces Approval of Combination with Global Blue

Aug 24, 2020 INTEL by Kristi Marvin
This afternoon, Far Point Acquisition Corp. (FPAC), announced that stockholders voted to approve their proposed business combination with Global Blue Group AG. And while 53,505,646 shares of FPAC’s Common Stock, or approximately 67.68% of the issued and outstanding shares voted in favor of the Transaction, FPAC also announced that 48,708,944 shares opted to redeem.  FPAC
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ALERT: Executive Networking Partnering Files for $300M “CAPS”

Aug 24, 2020 INTEL by Kristi Marvin
As had been widely anticipated, the new Executive Network Partnering “SPAC” just filed.  Although, we’re going to have to use the term SPAC loosely for now until I’ve had a chance to read through it and better understand the structure. Additionally, a bit of re-branding seems to be in play since at the top of
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news update

Monday Morning Kickoff: GMHI, PACQ, ORSN, HCAC

Aug 24, 2020 INTEL by Kristi Marvin
Monday Morning: Four quick news items to start the week: Gores Metropoulos, Inc. (GMHI) Gores Metropoulos, Inc. (GMHI) announced this morning that it intends to combine with Luminar Technologies, Inc., an autonomous vehicle sensor and software company.  We will be posting a more fulsome write-up later this morning, but in the meantime, this looks to
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Warrant backstop

TWC Tech Holdings II Corp. Debuts a New Warrant Term

Aug 19, 2020 INTEL by Kristi Marvin
TWC Tech Holdings II Corp. (TWCTU). which originally filed their S-1 on August 4th, is the follow up SPAC from the Nebula Team, but this time under a new name to better reflect this team’s sponsor – True Wind Capital.  Both Adam Clammer, TWC’s CEO and President, and James Greene Jr., TWC’s Chairman, are founding
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IPO-Pricing
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