Big news in SPAC Land….Morgan Stanley has decided to jump into the SPAC underwriting pool with both feet by hiring Bennett Schachter away from Goldman Sachs. That’s quite a splash. Morgan Stanley has, until now, sort of tip-toed around SPACs having only been an underwriter on three deals since 2009 (Hunter Maritime, Leisure and Boxwood). You always got the sense that they were never fully committed to their SPAC program. Well that’s changed now.
Bennett Schachter had been Goldman Sach’s head SPAC banker, getting Goldman involved in a number of high profile transactions. Most recently, Goldman was the left lead underwriter on the $305.6 million Acamar Partners Acquisition Corp. IPO. By hiring Bennett away from Goldman, Morgan Stanley just signaled that they are very serious about committing to SPACs going forward.
SPACs just got a whole lot more competitive (As if they weren’t already).
GSR III Acquisition Corp. (NASDAQ:GSRTU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GSRTU”, Thursday, November 7, 2024. The new SPAC intends to mount a broad search for a target company without limitations on a particular industry, sector or geographic region....
At the SPAC of Dawn In a busy week for both SPACs and the market, traders could see as many as three new SPACs come to market in the next 24 hours as GSR III (NASDAQ:GSRTU), A SPAC III (NASDAQ:ASPCU) and Willow Lane (NASDAQ:WLACU) have all been working to try and price their IPOs. It’s...
Artius II Acquisition Inc. (NASDAQ:AACB) has filed for a $200 million IPO with terms that resurrect the unique tontine structure earlier employed, but never fully tested by Pershing Square Tontine in 2020. The SPAC’s units are to contain both a 1/10 right and one contingent right to receive a pro rata share of 1,000,000 to...
At the SPAC of Dawn The SPAC world got its first de-SPAC chairman/US president-elect last night as former President Donald Trump has stamped his return to the Oval Office in the 2024 presidential elections. Futures are up hugely across the board and, the result has provoked expected bumps in conservative de-SPACs beyond Trump Media (NASDAQ:DJT),...
At the SPAC of Dawn With the world’s eyes fixated on the US presidential elections today, de-SPAC Trump Media (NASDAQ:DJT) continues to be just as active of a gauge of retail expectations if not voter intentions. It is back on the upswing with a +12.4% gain yesterday and a further +9.5% boost in the pre-market....