Tenzing Acquisition Corp: Focused on India
Late Friday, Tenzing Acquisition Corp. filed for a $50 million SPAC IPO with a focus on companies in India that have an enterprise value between $150 million and $500 million.
Tenzing is headed by Rahul Nayar, as CEO, and Parag Saxena, as Chairman. Notably, Mr. Saxena co-founded, was Managing Partner and CEO, of both Vedanta Capital and New Silk Route Growth Capital. Both are private equity companies that collectively manage over $1 billion in assets.
Mr. Nayar has PE experience as well, but more importantly, his bio states that he has SPAC experience via assisting teams source transactions. In particular, ROI Acquisition Corp. II, which was underwritten by Deutsche Bank. Unfortunately, that SPAC had to liquidate when it ran out of time.
This will be the second India-focused SPAC from Maxim Group, the other being I-AM Capital Acquisition Company.
Looking at the structure, once again we are seeing the “one warrant to purchase 1/2 share” term, rather than the typically stated 1/2 a warrant. Additionally, the warrant call for redemption threshold is $21.00 (rather than the standard $18.00), which seems in compensation for the warrant’s “1/2 share”.
Summary of terms are as follows:
- Focus: India (EV between $150 million and $500 million)
- $10.00 unit comprised of one ordinary Share + one warrant to purchase 1/2 Share
- Warrant call for redemption threshold: equals or exceeds $21.00 (cash or cashless exercise)
- 101% held in trust ($10.10 per share)
- 24 months to complete an acquisition
Maxim Group LLC is sole bookrunning manager. Ellenoff Grossman & Schole LLP and Loeb & Loeb LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...