Late this afternoon, Federal Street Acquisition Corp. (FSAC), announced the approval of their business combination with Agiliti Health and the results of their shareholder vote.
The 8-k provided information as to vote counts for each of the proposals, but did not provide the amount of redemptions or at what price.
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Stellar Acquisition III, now Phunware (PHUN), released the results of their shareholder vote last night and for the most part, the results were unsurprising. 1,813,487 shares of Stellar common stock exercised their right to redeem their shares for cash at a price of $10.64 per share.
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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, starting last quarter we added two new columns to the rankings - volume by number of units sold and volume sold % market shares (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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To no one's surprise, Ellenoff Grossman and Schole ("EGS"), once again, led the SPAC IPO Legal League Tables for both the fourth quarter and Full-Year (FY) 2018. EGS absolutely dominated the league this year with a whopping 22 assignments, 16 of which were as Issuer's Counsel. Overall, EGS's 22 SPAC assignments accounted for a total 2018 deal volume of a massive $4.4 billion, representing approximately 40% of all SPAC IPO proceeds.
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Last night, while everyone was still recovering from the Christmas holiday, another new SPAC was filed making the forthcoming 2019 IPO count SIX. This latest SPAC is Pivotal Acquisition Corp.
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‘Twas the night before Christmas, when all through SPACLand
Not a creature was stirring, not even Chardan;
The suit jackets were all hung by the desk chairs with care,
In hopes that a deal soon would be there;
The attorneys were nestled all snug in their chairs;
While visions of bonuses danced in their heads;
And my laptop in its sleeve, and I in my SPACInsider cap,
Had just settled my brain for a long winter’s nap,
When out on sixth avenue, there arose such a clatter,
I sprang from my desk to see what was the matter.
There was a flurry of news and filings Friday afternoon ahead of the Christmas Holiday week and ahead of the government shutdown (which could also shut down the SEC – more on that at the bottom of this post).
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UPDATE: Additional information on the Black Ridge transaction with Ourgame International Holdings was released this morning and the following is a summary of selected details found in the filings:
Federal Street Acquisition Corp. (“FSAC”) announced early this morning that they have amended both the merger agreement with Agiliti Health and the subscription agreement with Thomas H.
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Black Ridge Acquisition Corp. (BRAC) announced tonight they have signed a definitive agreement with Ourgame International Holdings Ltd. (“Ourgame”) to acquire two of Ourgame’s global esports and entertainment assets, Allied Esports International, Inc.
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Draper Oakwood Technology Acquisition, Inc., announced this evening that shareholders approved their business combination with Reebonz Limited. No details on vote counts or redemption values/amounts were provided, however, Reebonz has applied for listing of its ordinary shares and warrants on the NASDAQ Stock Market under the ticker “RBZ”.
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Federal Street Acquisition Corp. (FSAC), announced this afternoon, that they will be adjourning their special meeting of FSAC stockholders, originally scheduled to be held today, December 17, 2018. The new meeting date will now be held on Thursday, January 3rd, 2019.
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This afternoon, Deutsche Bank filed their second January SPAC with RMG Acquisition Corp. (RMG.U), a $200 million IPO focused on the diversified resources and industrial materials sectors. RMG will be led by Robert S.
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This morning, Draper Oakwood Technology (DOTA), put out an 8-K with additional details on their two backstop arrangements to secure their combination with Reebonz. Notably, the two backstop investors are S-4 Limited, which agreed to acquire 1,000,000 shares in the open market on Friday, and Vertex, which agreed to acquire $5 million worth of shares in the open market on Friday.
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Draper Oakwood Technology Acquisition, Inc. (DOTA), announced this morning that it has arranged two backstops to secure its business combination with Reebonz Limited. However, most of the finer details that you would want to see (and that DOTA doesn’t want you to see) have been left out.
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Chardan Healthcare Acquisition Corp. (CHAC.U), the Chardan-backed SPAC focusing on Healthcare companies in North America, priced their $70 million IPO Thursday evening, wrapping up a very active 2018 for SPACs. CHACU, which is being led by senior members of Chardan Capital Markets, should be the final SPAC for the year, bringing 2018’s grand total to 46 SPAC IPOs and $10.72 billion in gross proceeds raised.
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Some of you may have already noticed, but yesterday, we added two new tables to the Yield-To-Maturity page. However, a bit of background first….
The initial Yield-To-Maturity tables we published used a very conservative method whereby we used either the trust value at IPO (for SPACs still searching for targets) or the “illustrative value” that SPACs use in their proxies or presentations (for announced SPACs) to calculate the YTM.
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One Madison Corp. (OMAD), announced Thursday morning that they have signed a definitive agreement with affiliates of Rhône Capital (“Rhône Capital”), to combine with Ranpak Corporation (“Ranpak”), sustainable systems-based packaging solution for e-Commerce and industrial supply chains.
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CF Finance Acquisition Corp. (CFFAU), the Cantor Fitzgerald sponsored SPAC, priced their $250 million IPO this evening and the units are expected to begin trading on Thursday, December 13th, under the symbol Nasdaq: CFFAU.
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This morning, we had a surprise new IPO filing in the form of a $375 million “Gores” SPAC, but this time with the addition of Dean Metropoulos, the billionaire investor that has been involved in roughly 80 transactions in the food and consumer sectors.
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