Covid-19 claims its second SPAC. 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. Unfortunately, it’s not “always Happy Hour” at TGI Fridays.…

Q1 2020 SPAC IPO Auditor League Tables 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…

Below are the recently released Q1 2020 SPAC IPO Legal League Tables 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…

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…

Covid-19 claims its first SPAC. 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.“ Chi Energie, was developing a modular LNG business to…

BLUEPRINT FOR A COMPANY IN AMERICA 2.0? On March 2, VectoIQ Acquisition Corp. (VTIQ) proposed to combine with Nikola Motors, a company focused on the development of next-generation smart transportation. Upon the closing of the transaction, the combined company will be named Nikola Corporation and remain NASDAQ-listed under the new…

EdTechX Holdings Acquisition Corp., (EDTX), announced this afternoon they have closed their combination with Meten Education. The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals. Furthermore, Meten EdtechX’s ordinary…

Gordon Pointe Acquisition Corp. (GPAQ), filed a an 8-K this afternoon announcing that they are increasing the amount being contributed to the trust account for non-redeeming shareholders at it’s extension vote, to be held on March 30th, from $0.013 per share to $0.06 per share. The deadline to exercise stockholder…

Andrew Pendergast, from Marsh, is back again to help further explain a SPAC team’s insurance needs in the time of Covid-19.  Additionally, Andrew will walk us through what teams and investors should be considering when evaluating SPACs and their risk going forward. This is an unusual time for everybody, SPACs…

EdTechX Holdings Acquisition Corp., (EDTX), which held their shareholder vote yesterday to complete their business combination with Meten Education, announced via 8-K that their combination has been approved. As you can see in the table below, the combination was approved with 4,619,383 shares in the “For” column and only 300,000…