This afternoon, Black Ridge Acquisition Corp. (BRAC), announced that they have entered into a Letter Agreement for another $5 million backstop in addition to their previous $5 million backstop with TV Azteca.
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Churchill Capital Corp. II, filed an amended prospectus this afternoon, increasing their deal size to $600 million. Demand has been BIG for this deal, so an upsize this large is completely do-able.
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It’s only 12:30PM, but voting was heavy this morning and BofA and Stifel came out strong. However, both matches are now neck and neck with Deutsche Bank and BTIG fighting their way back into contention!
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It was another close day yesterday with Deutsche Bank and Citigroup battling it out all evening, but Deutsche Bank slowly climbed back after a slow start and managed to pull out a last minute victory again with a 51% to 49% win.
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Pensare Aquisition Corp. (WRLS) announced this afternoon, via a new proxy, that they are proposing to further extend their deadline to December 1, 2019.
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Voting in all matches broke out fast this morning and we now have four clear leaders, but things can change very quickly, as we saw yesterday. Plus, keep in mind that its the total number of votes throughout the entire tournament that counts and as we’ve seen, players are getting strategic – only voting for one team or voting against other teams they might have to match-up against next round.
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Did anyone catch the term in SC Health’s new SPAC filing on Friday? If you didn’t, SC Health added an interesting twist for warrant holders. Essentially, this SPAC will be backstopping the warrants at $1.00 in the event of a liquidation.
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Churchill Capital Corp. II (CCX.U), which filed a new S-1/A this morning, is expected to price their $400 million SPAC Thursday evening, for trading Friday, June 28th. Michael Klein, will once again be leading as Chairman of the Board of Directors along with his deep bench of “Operating Partners“.
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There aren’t any really good, descriptive “N” words and “nice” seems…wrong. “Nimble” will have to do unless anyone has a better suggestion.
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We currently have no less than three matches that are evenly tied! As expected, the match up between BofA and Jefferies has been back and forth all morning and is now back at dead even.
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NRC Group (NRCG), formerly Hennessy Capital Acquisition Corp. III, which was Daniel Hennessy’s third SPAC, announced this morning that it has entered into a definitive merger agreement with US Ecology, Inc.
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In light of the forthcoming second quarter and first half of 2019 league tables being published next week, SPACInsider is once again holding the Underwriter’s League Tournament!
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This afternoon, we had another new SPAC filing. This latest one is the $150 million SC Health Corporation (SCH.U), and will be led by David Sin, as Chairman, and AJ Coloma, as CEO and Director nominee.
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Given just how many SPACs we have in the market right now (and with a few trading pretty strangely), we spoke with Andrew Pendergast, at Marsh, a provider of D&O insurance, to help get a better sense of the risks associated with being part of a SPAC team.
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This afternoon, Modern Media Acquisition Corp. (MMDM), released the details of their shareholder vote to approve their extension deadline to September 17, 2019, from June 17, 2019.
Per the 8-K, 13,350,654 shares of the Company’s common stock elected to redeem, however, a redemption price was not provided.
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Last night, the Tuscan team filed for their second cannabis-focused SPAC with the $125 million Tuscan Holdings Corp II. (THACU). Except, It’s not their second SPAC. It’s actually their third.
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Akerna Corp., released additional details this morning regarding their shareholder vote to combine with MTech Acquisition Corp., and surprisingly, there weren’t as many redemptions as anticipated.
Per the press release, 4,452,042 shares of MTech exercised their right to redeem for cash at a price of $10.23841733 per share.
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South Mountain Merger Corp. (SMMCU), announced the pricing of their surprise upsized $225 million SPAC IPO this evening. South Mountain’s units are expected to begin trading tomorrow, June 20th, under the symbol Nasdaq: SMMCU.
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This afternoon, Jensyn Acquisition Corp. (JSYN), announced that they have closed their business combination with Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company. The combined company will be renamed named “The Peck Company Holdings, Inc.”
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This morning, Black Ridge Acquisition Corp. (BRAC), announced (just like we had surmised) that they have rounded up a $5 million backstop from TV Azteca, a Grupo Salinas company and sports television network in Mexico.
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