Well, well, well…..looks like Social Capital Hedosophia, will beat Chardan Healthcare 2 to the punch by being the first IPO out the door post-Covid lockdown. Social Capital Hedosophia intends to price the larger of their two deals tonight (IPOC.U),
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Legacy Acquisition Corp. (LGC), announced this morning that they intend to adjourn their shareholder vote to combine with Blue Impact, originally scheduled to be held this Thursday, April 23rd. The new date will be Monday, May 18, 2020, while keeping the record date of March 20, 2020.
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It seems Alberton will NOT be providing an additional $60,000 per month contribution. Rather, it’s in lieu of the original $0.02 per month contribution. This changes things considerably….
So now it’s back to game theory again.
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This afternoon, Graf Industrial Corp. (GRAF), released the details of their shareholder vote, held today, to approve moving their previously extended deadline from April 16, 2020, to July 31, 2020.
Per the 8-K, 12,921,275 public shares exercised their right to redeem at a price of approximately $10.23 per share and as a result, roughly $132.2 million was removed from the trust account, or about 53%.
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As expected, Diamond Eagle Acquisition Corp. (DEAC), announced this evening that they had adjourned their previously scheduled shareholder vote to combine with DraftKings and SBTech, originally scheduled to be held today, to April 23rd.
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This evening, in a very surprisingly timed announcement, Graf Industrial Corp. (GRAF), announced it is in “negotiations” to combine with a polypropylene recycling company. GRAF is currently scheduled to hold an extension vote on April 16th, to extend to July 31st, 2020, so this is a teaser for shareholders who are considering redeeming at next week’s vote.
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Fellazo Inc. (FLLC), which was recently de-listed from the Nasdaq, announced this afternoon that it would be opting to liquidate its trust and wind down the company. The reason given was not due to Covid-19, but rather, Fellazo stated, “…in view of the recent determination by the Nasdaq hearing panel to delist the Company’s securities from The Nasdaq Stock Market, the Company does not believe it will be able to consummate an initial business combination within the time period required…“
Fellazo had previously provided an update via a press release whereby the Company said it was exploring various alternatives in light of the de-listing, including liquidation, so this is not a total surprise.
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This afternoon, KBL Merger Co. IV (KBLM), released the details of their shareholder vote, held today to approve moving their previously extended deadline from April 9, 2020, to July 9, 2020.
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Diamond Eagle Acquisition Corp. (DEAC), which originally intended to hold their shareholder vote tomorrow to complete their combination with DraftKings and SBTech, amended their Business Combination Agreement yesterday.
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This is an especially slow week. We have Passover beginning on Wednesday, then Good Friday, followed by Easter at the end the week. So normally this would be a quiet time to begin with, but throw in a global pandemic and you would be hard pressed to find much of anything going on in SPAC Land right now.
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Nikola Corporation, which filed its Analyst Day presentation on Friday, April 3rd, goes into greater detail of the Business model presented in early March when Nikola Motor announced the business combination with VectoIQ.
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This morning VectoIQ, which intends to combine with Nikola Motors, filed an 8-K this morning containing a new presentation slide deck. This deck is intended to accompany the analyst day scheduled for Monday, April 6.
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Pure Acquisition Corp. (PACQ), announced the results of its warrant tender this afternoon and as expected, a significant number of warrant holders opted to tender at this go-around. If you recall, Pure previously tendered its warrants twice before, both times for $1.00, same as for the current tender offer.
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Allegro Merger Corp. (ALGR), announced this morning it has mutually terminated its merger agreement with TGI Fridays. Once again, the reason cited being, “extraordinary market conditions“, as well as the failure to meet necessary closing conditions.
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Below are the newly released SPAC Auditor League Tables for the first quarter of 2020. As you can see below, the Auditor League is dominated by Marcum LLP and WithumSmith+Brown ("Withum") so each quarter is generally just a look into how close these two competitors come to beating each other.
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As mentioned previously, this feels like an incomplete quarter since the SPAC window effectively came to a grinding halt in early March. As a result, we're missing almost a month's worth of IPO pricings and now have a backlog of 12 SPACs on file to IPO. However, SPACs did manage to IPO a total of 13 deals for gross proceeds of $3.925 billion in the Q1 2020, so it's still a fairly robust number. And the results do show quite a bit of movement within the Legal League...
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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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HL Acquisitions Corp. (HCCH), announced this morning it has mutually terminated its Sale and Purchase Agreement with Chi Energie (Singapore) Pte. Ltd. (“Chi Energie”). The reason cited being, “the current extraordinary market conditions surrounding the industry.
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