This is Jefferies’ first 2018 SPAC as sole bookrunning manager, and a $200 million deal is a nice way to start. Additionally, EarlyBirdCapital is in the co-manager position.
The $200 million Forum Merger II has a broad search mandate, but they state they intend to focus on companies with an enterprise value between $500 million and $2 billion and are located in the U.S.
Summary of terms located below:
- Sector Focus: EV between $500mm and $2bn, located in the U.S.
- $10.00 unit comprised of one share Class A Common Stock, one redeemable Warrant
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition
- Limitation on redemption rights of stockholders: 15%
- Warrant call for redemption price: $18.00
- Underwriter fees: 2.0% + 3.5% deferred fee. Jefferies is sole bookrunner, EarlyBird Capital is co-manager.