Gx Acquisition Corp. Prices $250M SPAC

Gx Acquisition Corp. (GXGXU), announced the pricing of their $250 million SPAC IPO this evening and the units are expected to begin trading tomorrow, May 21st, under the symbol Nasdaq: GXGXU.

Pensare Announces Termination of Agreement with TPx

Pensare Acquisition Corp. (WRLS), and U.S TelePacific Holdings Corp. dba TPx Communications (“TPx”), announced this evening that they have agreed to mutually terminate their Business Combination Agreement.

No further information was given, but Pensare did state that they intend to continue to pursue a business combination.

KBLM Files Proxy and Amends Contribution Amount

KBL Merger Corp. IV (KBLM), filed a definitive proxy this morning for their upcoming shareholder vote to extend their termination date another six months.  However, KBLM has further amended the proxy to now reflect a $0.0225 per month contribution for shareholders who do not redeem.

GigCapital (GIG) Announces Contribution to Trust

We all knew this was coming, right?

GigCapital, Inc. (GIG) announced this afternoon that the Sponsor and Founders have agreed to contribute $240,000 to GigCapital’s Trust account for each calendar month that is needed to complete their business combination with Kaleyra. 

One Madison Corp. Gets a New $20M PIPE and Amends Earn-out

One Madison Corp. (OMAD), in anticipation of their upcoming shareholder vote to approve their combination with Ranpak Corporation (“Ranpak”), announced that they have arranged an additional $20 million PIPE and included new earn-out provisions for the Founder Shares held by the Sponsors and the Anchor Investors (affiliates of The Blackstone Group L.P.).

Bison Capital (BCAC) Closes Combination with Xynomic Pharmaceuticals

This morning, Bison Capital Acquisition Corp. (BCAC), announced that it has closed its business combination with Xynomic Pharmaceuticals, Inc. (“Xynomic”). BCAC will be changing its name to Xynomic Pharmaceuticals Holdings, Inc.

AGBA Acquisition Ltd. Prices $40M SPAC

AGBA Acquisition Ltd. (AGBAU), announced the pricing of their $40 million SPAC IPO this morning and the units are expected to begin trading today under the symbol Nasdaq: AGBAU.

AGBA Acquisition Ltd, which will be focusing on businesses in China, will be led by Gordon Lee, as Chief Executive Officer, and Vera Tan, as Chief Financial Officer.

KBLM Releases Information on Their LOI and Changes Extension Terms

KBL Merger Corp. IV (KBLM), released details this morning on their previously announced non-binding term sheet ahead of their June 5th extension vote.  KBLM’s LOI with with CannBioRx Life Sciences Corp.

Churchill Capital Corp. (CCC) Releases Shareholder Vote Info

This afternoon, Churchill Capital Corp. (CCC), released the details of their shareholder vote to approve their merger with Clarivate Analytics, and it’s pretty much what you would expect – a landslide.

Churchill Capital Corp. (CCC) Announces Closing of Combination

This morning, Churchill Capital Corp. (CCC), announced the closing of its merger with Clarivate Analytics. Details of the shareholder vote are yet to be filed, but it is anticipated that Clarivate will begin trading on the NYSE tomorrow, May 14, 2019, under the symbols CCC and CCC WS, for the Share and Warrant, respectively.

GigCapital2, Inc. Files for $130M SPAC IPO

Last night, the GigCapital team filed for their second SPAC with the $130 million GigCapital2, Inc. (GIX.U).  Gig2 will be focusing on the technology, media and telecom sectors and will once again be led by Avi S.

Diamond Eagle Acquisition Corp. Prices $350M SPAC

Diamond Eagle Acquisition Corp. (DEACU), just began trading in a surprise mid-day pricing of their $350 million SPAC IPO.  The units are currently trading under the symbol Nasdaq: DEACU.  However, there is no press release (as of yet).

Health Sciences Acquisition Corp. Prices $100M SPAC + $15M Over-Allotment

Health Sciences Acquisition Corporation (HSACU), announced the pricing of their $100 million SPAC IPO tonight and the units are expected to begin trading tomorrow, May 10th, under the symbol Nasdaq: HSACU.

Additionally, the underwriters have announced that they have fully exercised the over-allotment option to purchase an additional 1,500,000 units.

Update: DEACU, TBRG, CIC, GIX.U, MMDM, & JSYN

We had a HEAVY amount of filings tonight and in the interest of providing information on all the SPACs involved, a brief summary has been provided on each below.  Additionally, a more thorough post on the new SPAC – GigCapital2 – will be provided in a later post.

Modern Media Needs More Time…Asking for Another Extension

Modern Media Acquisition Corp. (MMDM), announced this afternoon that despite their best efforts to wrap up their deal with Akazoo Ltd. by June 17th, they’re probably going to need another month. 

Big Rock Partners Gets Ready for their Extension Vote

Big Rock Partners Acquisition Corp. (BRPA), filed a definitive proxy statement this morning for their upcoming shareholder vote to extend their completion deadline for another three months to August 22, 2019. 

It’s the Law! Q&A with Ellenoff Grossman & Schole

SPACs are a little complex, but if you layer in financial regulations, they can be downright confusing.  Many times I wished I had a lawyer on speed dial just to help make sense of what was going on. 

Landcadia Holdings II (LCAHU) Prices Up-sized $275 Million SPAC

Landcadia Holdings II, Inc. (LCAHU), announced the pricing of their up-sized $275 million SPAC IPO tonight and the units are expected to begin trading tomorrow, May 7th, under the symbol Nasdaq: LCAHU.

Morgan Stanley Hires Away Goldman’s SPAC Banker

Big news in SPAC Land….Morgan Stanley has decided to jump into the SPAC underwriting pool with both feet by hiring Bennett Schachter away from Goldman Sachs.  That’s quite a splash.  Morgan Stanley has, until now, sort of tip-toed around SPACs having only been an underwriter on three deals since 2009 (Hunter Maritime, Leisure and Boxwood).