It’s Day One of the Third Quarter and We Already Have a SPAC Pricing
Allegro Merger Corp., in what is supposed to be a quiet week, just filed their CERT and should be pricing their IPO tonight for trading Tuesday.
The $130 million Allegro, which does not have a sector or industry focus, will be Eric Rosenfeld’s sixth consecutive SPAC. Summary of current IPO terms below.
Deal Terms:
- Sector Focus: General / Broad
- $10.00 unit comprised of one share of common stock, one right and one full warrant
- Each right entitles the holder to receive one-tenth (1/10) of one share
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition
- Warrant redemption price: $18.00
- Redemption rights: limitation of 20% of the shares sold in the IPO
- Founders, Cantor Fitzgerald and Chardan (the Underwriters) to purchase 372,500 Private Placement units at $10.00 to bring the trust to 100% (Founders – 322,500 units / Cantor – 38,250 units / Chardan – 11,250)
- Underwriter fees: 2.0% + 3.5% deferred fee. Cantor Fitzgerald is sole book-runner.
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