Author: Kristi Marvin

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BowX Acquisition Corp (BOWX) Secures Backstop Financing

Oct 18, 2021 INTEL by Kristi Marvin
BowX Acquisition Corp. (NASDAQ:BOWX) announced this afternoon that ahead of it’s combination vote tomorrow to complete it’s transaction with WeWork, BowX has entered into a backstop agreement for up to $150 million with DTZ Worldwide Limited, the parent company to Cushman & Wakefield U.S., Inc., or “C&W”. Previously, WeWork and C&W had been in non-binding discussions
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GigCapital4 (GIG) Arranges Two Forward Purchase / Backstop Arrangements

Oct 15, 2021 INTEL by Kristi Marvin
GigCapital4 (NASDAQ:GIG) announced this morning that they have entered into a Forward Purchase Agreement (“FPA”) with Highbridge and Glazer Capital,  in an effort to secure their combination shareholder vote.  This arrangement is similar to the FPA/Backstop we saw earlier this week with Big Cypress (Nasdaq: BCYP), but with some additional terms. As part of the FPA,
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Spring Valley (SV) and Aerofarms Announce Termination of Agreement

Oct 14, 2021 INTEL by Kristi Marvin
Spring Valley Acquisition Corp. (NASDAQ:SV) announced this morning that it has mutually terminated their business combination agreement with indoor vertical farming company, Dream Holdings, Inc. (“AeroFarms”).  The press release cited that Aerofarms has a great working relationship with Spring Valley, but that they “believe proceeding with this transaction is not in the best interests of
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Seaport Global Acquisition Corp (SGAM) Secures Backstop Financing

Oct 12, 2021 INTEL by Kristi Marvin
Seaport Global (NASDAQ:SGAM) announced this morning that it has added a $36 million backstop to its business combination with Redbox. The SPAC noted that the agreements will ensure that “the cash proceeds available to SGAC as of closing equal or exceed the minimum cash condition under the Business Combination Agreement“. The SPAC has about $145.2
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Big Cypress (BCYP) Arranges Forward Purchase/Backstop Agreement

Oct 12, 2021 INTEL by Kristi Marvin
Big Cypress Acquisition Corp (Nasdaq: BCYP) announced this morning that they have entered into a Forward Purchase Agreement (“FPA”) with Radcliffe SPAC Master Fund, L.P. (“Radcliffe”),  in an effort to secure their completion shareholder vote.  Big Cypress is scheduled to hold their combination vote with SAB Biotherapeutics on October 20th. As part of the FPA,
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Live Oak II (LOKB) Secures Additional PIPE & Backstop

Ahead of their October 12th shareholder vote to combine with Navitas Semiconductor, Live Oak II (NYSE: LOKB) announced this morning that they have secured an additional $18 million in PIPE financing along with a backstop via a Forward Purchase Agreement (FPA). The additional subscription agreement involves two additional subscribers for 1,800,000 shares of LOKB Class
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IPO-Pricing

Argus Capital Corp. (ARGUU) Prices Upsized $265M IPO

Sep 22, 2021 IPOs by Kristi Marvin

Argus Capital Corp. announced the pricing of its upsized $265 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ARGUU” Wednesday, September 22.

The Company intends to pursue a business combination in the media/entertainment/sports industry including “over-the-top” digital streaming, mobile gaming/interactive entertainment, and digital media, which can capitalize on the expertise of its management team. ...READ MORE

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dMY Technology Group IV (DMYQ) Upsizes PIPE by $50 Million

Sep 16, 2021 INTEL by Kristi Marvin
At a time when securing a PIPE for a combination is challenging (at best), dMY IV (NYSE:DMYQ) has managed to upsize their commitments by $50 million with an investment from the Canada Pension Plan Investment Board (“CPP Investments”), with a co-investment from Cypress Point Investment Management. dMY IV previously announced a $200 million PIPE to
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Cerberus Telecom (CTAC) Postpones Shareholder Vote

Sep 16, 2021 INTEL by Kristi Marvin
Cerberus Telecom Acquisition Corp. (NYSE:CTAC) has postponed its special meeting to vote to approve its combination with internet-of-things (IoT) provider KORE Wireless. The meeting, which was originally supposed to be held today, September 16th, is being postponed to Wednesday, September 22nd at 10:00 am. The release also disclosed that as of 5:00 p.m. Tuesday, September
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D8 Holdings Corp. (DEH) Secures Additional PIPE Commitments

Sep 10, 2021 INTEL by Kristi Marvin
D8 Holdings Corp. (NYSE: DEH) announced late yesterday evening that it had secured $27 million in additional commitments for its PIPE in support of the Vicarious Surgical combination transaction. More importantly, the additional commitments ensure that D8 will now satisfy the minimum cash closing condition of at least $125 million. The Vicarious Surgical combination was
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49 Law Firms Unite and Push Back on Recent SPAC Litigation

Aug 27, 2021 INTEL by Kristi Marvin

The legal community signs statement declaring these suits are “without factual or legal basis”.

In response to the recent PR machine from former SEC commissioner and current NYU Law professor Robert Jackson and Yale Law School professor John Morley, which have put out multiple statements in the press noting they intend to litigate SPACs for Investment Company Act of 1940 issues, an astonishing 49 law firms have coalesced to release a response to these allegations. ...READ MORE

IPO-Pricing
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Law Firm White & Case Fires Shots Across the Bow

Aug 25, 2021 INTEL by Kristi Marvin

Posts a takedown of the recent lawsuits brought by former SEC Commissioner and Law Professor

In the ongoing saga surrounding the recent lawsuits brought by former SEC commissioner and current NYU Law professor Robert Jackson and Yale Law School professor John Morley, against Pershing Square Tontine Holdings, and more recently, GO Acquisition Corp. ...READ MORE

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