Alberton will be the 40th SPAC to IPO in 2018.
Thanks to a super accommodating SEC (for quickly turning around a recently amended S-1 this morning), Alberton Acquisition Corporation is now expected to price their $100 million broadly-focused SPAC tonight for trading Wednesday morning. Alberton is being led by Bin (Ben) Wang, as Chairman and CEO. Mr. Wang is currently a Managing Director of Eon Capital International Ltd, a Hong Kong-incorporated corporate advisory service company.
Alberton will be the 40th SPAC to price in 2018, six more than 2017’s 34 SPAC IPOs. However, post-pricing of Alberton, we’re fresh out of new SPACs. Hopefully, we’ll get some new and exciting product to look at before the end of the week.
Albertson Acquisition Corporation Summary of Terms:
- Focus: General / Broad
- Size: $100 million
- 100.0% held in trust ($10.00 per share)
- $10.00 Unit comprised of one Ordinary Share + 1 Right + 1 Warrant
- 1 Right for 1/10 of one Ordinary Share
- 1 Warrant for 1/2 of one Ordinary Share
- Warrant trigger: > $16.00
- 12 months to complete an acquisition + two 3-month extensions (18 months total)
- $1 million to be deposited in trust at each extension
- At-risk Capital: $3.0 million (300,000 Units at $10.00)
- Underwriter fees: 2.0% + 3.5% deferred
Chardan is sole book-running manager.
White and Williams LLP and Loeb & Loeb LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
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...