This afternoon, RMG Acquisition Corp. (RMG.U), filed a new registration statement with both the removal of the delaying amendment and two Anchor Investors in the form of BlackRock, Inc. and Alta Investment Advisers LLC.
The Anchor investors have expressed interest in purchasing 2,530,000 units in the offering ($25.3 million) and will also be participating as part of the Sponsor group purchasing private placement warrants. Of the 4 million private placement warrants the Sponsor Group is purchasing at $1.50 ($6 million in total), the Anchor Investors will be purchasing 666,667 warrants ($1 million). Additionally, the Anchors will now be receiving 500,000 (before over-allotment) Founder Shares, which is 10% of the total amount.
BlackRock has become something of a Anchor Investor specialist in the past year, having participated as an Anchor in both VectoIQ (for $25 million) and LF Capital (for $13.4 million). Plus, BlackRock is participating in the $80 million PIPE that is part of the recently announced Platinum Eagle deal with Target Logistics.
And while some may quibble with the Anchor Investment language that reads as “The Anchor Investors have expressed to us an interest to purchase…”, meaning there’s no hard commitment to purchase those IPO shares, keep in mind that they have to give back those Founders Shares if they don’t. And BlackRock and Alta want those Founders Shares…
Additionally, the removal of the delaying amendment in this new S-1 means that RMG will be getting effective and pricing 20 days later on February 5th.
Revised summary of terms below:
Deutsche Banks is bookrunning manager. Stifel is lead manager.
Latham & Watkins LLP and Weil, Gotshal & Manges LLP are issuer’s counsel and underwriter’s counsel, respectively.
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...