Trinity Merger Corp. Priced Their $300 Million IPO, But Did You Catch the Change to the Terms?
This morning, Trinity Merger Corp. announced the pricing of their $300 million real estate focused SPAC and the unit should begin trading later this morning under the symbol TMCXU. However, there was an important change in the prospectus…the percentage of cash held in trust jumped to 102% from the originally filed 100%.
This means $10.20 per share is now held in the trust account in the event of liquidation. To reach 102% The sponsor over-funded the trust by purchasing $11 million of private placement warrants. This is an increase of $3 million from the originally stated $8 million purchase amount needed for the SPAC to get to 100%. That’s a lot of skin in the game.
From an investor’s perspective, this a very attractive deal since not only is the trust over-funded, but the unit is one common and one full warrant. We can only speculate that marketing must have been a little more challenging than originally anticipated to necessitate a jump to 102%. It should be interesting to see if a partial or full over-allotment is exercised.
Congratulations to Trinity and to B.Riley FBR, who was the sole bookrunning underwriter.
Aimei Health Technology II Co., Ltd (NASDAQ:AHJKU) has filed for a $60 million SPAC ostensibly to pair up with a small cap biotech or medical device target, but its team’s experience both in SPACs and beyond suggest the vehicle will be open to a broad set of potential targets. It is the first SPAC to...
At the SPAC of Dawn The markets got to open one stocking early yesterday, but it was mostly coal as it showed durable goods orders had declined by more than twice as much as expected to -1.1% in November. It wasn’t all signs of naughtiness, however. Amid the numbers that came public one day earlier...
Copley Acquisition Corp has filed to raise a $150 million SPAC to hunt for a technology or lifestyle target in either the Asia Pacific or North America regions. The new S-1 also advances underwriter Clear Street in the league tables as it has backed two of the three latest SPACs to file in December, and...
Translational Development Acquisition Corp. (NASDAQ: TDACU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TDACU”, Monday, December 23, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but intend to focus on industries that...
At the SPAC of Dawn SPACs have set to have a busy holiday week with three business combination approval votes and eight special meetings for extensions. Teams are trying to get eight of these in the books today, including all three completion votes ahead of Christmas Eve tomorrow. As noted last week, the theme of...