It’s SPAC Week. Anybody Else Want to Price??
Well, it looks like LF Capital Acquisition Corp., a $135 million Fintech-focused SPAC, is pricing Tuesday evening as well. LF Capital filed their CERT shortly after Twelve Seas, so we’ve got ourselves a double dose of SPACs.
LF Capital recently brought on BlackRock Funds as a Sponsor/Anchor Investor and increased their per share amount in trust to 102%, or $10.20 per unit.
It should be interesting to see how both Twelve Seas and LF Capital shake out in the morning. Both are roughly the same size ($150 million for Twelve Seas and $135 million for LF Capital), but have different sector focuses and different amounts in trust (100% vs. 102%). Will one or both of them upsize? Stay tuned…
Summary of Terms:
- Total Public Proceeds: $135 million
- Focus: Fintech
- $10.00 unit comprised of one share of Class A common Stock and one full warrant
- Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 102% held in trust ($10.00 per share)
- Limitation on redemption rights: a shareholder can redeem no more than 20% of the shares sold in the offering.
- 24 months to complete an acquisition
- Underwriters: B. Riley FBR and Raymond James as co-bookrunners