Jaws Acquisition Corp., the debut SPAC from Barry Sternlicht, which initially filed last Thursday for a $400 million SPAC, has already upsized to $500 million, keeping up with the trend of BIG SPACs looking for BIG game.
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8i Enterprises Acquisition Corp. (JFK) announced this morning that it has amended the Share Exchange Agreement with Diginex Limited, a blockchain financial services and technology company headquartered in Hong Kong.
8i Enterprises is currently scheduled to hold it’s shareholder vote to complete this transaction on June 15, 2020.
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Well, it seems Global Blue still wants this deal to happen!
Global Blue ALSO put out a press release this morning commenting on FPAC’s Board Announcement. Basically, they’re not giving up without a fight….”fight”
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Yes, Far Point has 24 months to complete their initial business combination, but can extend for an additional three months with an LOI or definitive agreement on file. Per the proxy:
If we are unable to complete our business combination within 24 months (or 27 months from the closing of this offering if we have executed a letter of intent, agreement in principle or definitive agreement for our initial business combination within 24 months from the closing of this offering but have not completed our initial business combination within such 24 month period)
However, since this looks like a busted deal, do they still get an extension?
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Far Point Acquisition Corp. (FPAC), announced this morning that its board of directors “has unanimously determined that the previously announced business combination transaction with Global Blue Group AG (“Global Blue”) is not advisable or fair to, or in the best interest of, FPAC and its stockholders.
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GigCapital3, Inc. (GIK.U), which was originally anticipated to price yesterday evening, but got bumped to tonight, has now postponed their IPO indefinitely due to market conditions. Today was an especially challenging day for SPAC IPOs with the last four SPACs to price trading significantly below their $10.00 issue price.
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Sustainable Opportunities Acquisition Corp. (SOAC.U), announced the pricing of their $300 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, May 6th, under the symbol NYSE: SOAC.U.
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Live Oak Acquisition Corp. (LOAK.U), announced the pricing of their $200 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, May 6th, under the symbol NYSE: LOAK.U.
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Wealthbridge Acquisition Limited (HHHH), which held their shareholder vote today to complete their business combination with Scienjoy Inc., released the results of their vote via 8-K this afternoon. The good news is, this combination was approved.
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Roth CH Acquisition I Co. (ROCHU), announced the pricing of their $75 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Tuesday, May 5th, under the symbol Nasdaq: ROCHU.
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Longview Acquisition Corp. (LGVW.U), filed for a $300 million SPAC IPO Friday evening, in what has been a bumper crop month for SPAC IPOs. Longview, which will be focusing on acquisition targets in a broad range of industries, will be sponsored by Glenview Capital Management, the investment firm run by Larry Robbins, who will also be this SPAC’s Chairman.
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The Covid-19 lock down makes every day feeling like Groundhog Day, and today is no exception. That’s because Pure Acquisition Corp. (PACQ), which announced a combination with HighPeak Energy Inc.,
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Collective Growth Corp. (CGROU), announced the pricing of their $150 million SPAC IPO this evening and the units are expected to begin trading, tomorrow, Friday, May 1st, under the symbol NASDAQ: CGROU.
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Since many of the IPOs we’re now seeing come to market were initially filed “pre-Covid” and the teams have had to adjust their terms “post-Covid”, I thought it would be helpful to provide a summary of the changes (so far) in an effort to better track the trends.
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Fortress Value Acquisition Corp. (FVAC.U), announced the pricing of their $300 million SPAC IPO this afternoon and the units are expected to begin trading tomorrow, Thursday, April 30th, under the symbol NYSE: FVAC.U.
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Novus Capital Corp. (NOVSU), filed for a $100 million SPAC IPO last night, but it seems this deal’s terms are from another era. An era that existed pre-Covid and the economy was still humming and every SPAC team could command generous terms.
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Jaws Acquisition Corp., the debut SPAC from Barry Sternlicht, filed to IPO last night, signaling to everyone that we’re going to need a bigger boat. As has been the trend, this is another SPAC with mass, weighing in at $400 million, but there is always the potential for an upsize and a full over-allotment.
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B. Riley Principal Merger Corp. II (BMRG.U), filed their follow-up $200 million SPAC last Thursday, April 23rd, in a week that officially marked that SPACs were back in business. Once the IPO machine gets cranking, it hits top speed pretty quickly, so expect to see more deals get filed shortly. However,
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