B. Riley Principal Merger Corp. (BRPM.U) re-filed their S-1 tonight and amended a few important terms. Of note, the SPAC life dropped to 18 months from their previously stated 24 months. Additionally, the Crescent Term has been added with a threshold of $9.20.
Commanding 24 months without prior SPAC experience and and/or a well-recognized, high-profile name attached means investors are going to push back. Plus, they’re going to want additional re-assurance via the Crescent Term. These changes feel appropriate and are now more in-line with Iswill’s terms.
Part of the problem is, we now have 65 SPACs searching for targets (which is about 15 too many) so investors are being forced to “classify” deals and they can’t give everybody Tier-1 terms. And since there are so many good looking teams, it’s kind of like if everyone is driving a Rolls Royce, a Rolls Royce starts to feel average. Everybody’s got one. Hence, a SPAC has to really “bring it” these days in order to command top notch terms and stand out.
Additionally, I’m hearing that B. Riley is now anticipated to price Monday, April 8th, for trading on Tuesday, April 9th.
Revised summary of terms below: