We’ve talked before about how challenging the de-SPACing process is and the importance of marketing a combination. Specifically, if sector/long-only investors do not know a SPAC combination exists, how will they ever know they want to own the stock?
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We have more Gig news….and for the record, there has been a Gig announcement nearly every day for the past week as it moves towards closing its combination with Kaleyra. Yesterday’s news, however, involves a non-binding letter of intent with an affiliate of Nomura Securities International, Inc.
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This morning, Merida Merger Corp. I (MCMJU). filed for a $100 million cannabis-focused SPAC, bringing the count to six for the number of SPACs we have on file to IPO.
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GigCapital (GIG) announced this morning that it will be going forward with its cash tender offer for its Rights. The offer is to purchase up to 14,873,256 Rights, which includes the 498,256 Rights included in the Founders Units, at a purchase price of $0.99 per Right, for a total aggregate purchase price of up to $14,724,523.44.
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On Monday evening, we had another new IPO filing to round out the current four we have on file with LGL Systems Acquisition Corp., (DFNSU), a $125 million SPAC focused on the aerospace, defense and communications industries.
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For your daily Gig News, GigCapital (GIG) made yet another arrangement for both its Rights and its Shares, this time with Yakira Capital Management (“Yakira”). However, the real take-away here is that Gig now has three agreements that will effectively (if all three max out their purchases) remove the Rights from its Business Combination equation.
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In today’s Gig News (seriously, it feels like an 8-K is filed at least once a day lately), GigCapital (GIG) put out a new filing this morning correcting a typo in their previously released 8-K regarding the additional Forward Purchase Agreement with Kepos Alpha Fund L.P.
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This afternoon, we had yet another new SPAC filing, making the count four (4) for deals on file to IPO. Furthermore, that means that if all four price in October, we will match 2018’s deal count of 46.
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Gig Capital (GIG), announced this morning that they have entered into an additional Forward Purchase Agreement in regards to its Rights Shares, this time, with Kepos Alpha Fund L.P. (“Kepos”).
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Health Sciences Acquisitions Corp., the RTW Investments-backed SPAC focused on the biopharma/med-tech sector, announced their merger this morning with Immunovant Sciences, Ltd. (“Immunovant”), a clinical-stage biopharmaceutical company focusing on autoimmune diseases.
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The team from Union Acquisition Corp. made a surprise filing on Friday with their second SPAC, Union Acquisition Corp. II (LATNU), a $175 million IPO focused, once again, on Latin America.
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Late Friday afternoon, we had two new IPO filings to replenish our previously dwindling supply of new issues. The first, Stable Road Acquisition Corp. (SRACU), is a $150 million cannabis-focused SPAC, being led by Brian Kabot, as Chairman and CEO.
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Legacy Acquisition Corp. (LGC), the $300 million SPAC led by Edwin Rigaud, which recently announced its combination with Blue Impact Group, filed a definitive proxy this morning setting a shareholder vote date of October 22nd.
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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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For both the Third-Quarter, as well as Year-to-Date (YTD) 2019, Ellenoff Grossman & Schole ("EGS"), once again, led the SPAC IPO Legal League tables with a commanding number of legal assignments. Furthermore, EGS's Total Deal Volume was $1.957 billion, which accounts for nearly 30% of the SPAC Third-Quarter SPAC IPO market share. For reference, there were a total of 14 SPAC IPOs priced in Q-3, so EGS's nine assignments as either Issuer's (5) or Underwriter's Counsel (4), meant they participated in a remarkable 64% of all SPACs this quarter.
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In no particular order, the below is a round-up of current SPAC news.
GigCapital, Inc. (GIG) filed an 8-K late this afternoon with some updates to its agreement with Greenhaven regarding its GIG Rights Shares.
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Gig Capital (GIG) filed multiple documents tonight, so a summary of each has been provided below.
Termination Date Extended
Gig filed an 8-K tonight announcing that they have officially moved their Outside Date (when the Purchase Agreement can be terminated) from September 24, 2019 to December 12, 2019.
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Alberton Acquisition Corp. (ALAC), put out an 8-K this afternoon regarding the issuance of an unsecured promissory note for $1,148,800, but the entity to who it was issued was what tipped off that they had announced…..something.
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Well that was fast. In a somewhat surprising move, it seems the team and underwriters decided to pull this deal entirely rather than amend terms.
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As many of you already know, Gig Capital (GIG), announced on Friday evening that they have entered into a non-binding letter of intent with Greenhaven Road Capital, whereby Greenhaven has agreed to not sell the Shares underlying the 5,482,694 the Rights it currently owns until the later of the sixtieth day (60) after the closing of the Business Combination or January 1, 2020 (the “Closing Date”).
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