Author: Kristi Marvin

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SPAC-Direct-Listings

SEC Approves NYSE Proposal for Direct Listings

Aug 28, 2020 INTEL by Kristi Marvin
…and SPACs now have some competition. On August 26th, the SEC approved the NYSE rule change proposal where companies now have the ability to raise capital in connection with a direct listing.  This is actually big news and could have some implications for SPACs.  Namely, all of the unicorns that SPACs have been chasing this
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Extension Vote Results: Hennessy Capital IV (HCAC)

Aug 27, 2020 INTEL by Kristi Marvin
HENNESSY CAPITAL ACQUISITION CORP. IV (HCAC) Hennessy Capital Acquisition Corp. IV (HCACU), filed an 8-K this afternoon detailing the results of today’s shareholder vote to extend their completion deadline from September 5, 2020 to December 31, 2020.  The extension deadline was approved, but more importantly, Hennessy IV had minimal redemptions. Per the 8-K, only 211,561
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Executive Network Partnering Corporation (ENPC.U) files for $300M IPO

Aug 26, 2020 INTEL by Kristi Marvin
The previously teased Executive Network Partnering Corporation SPAC (NYSE: ENPC.U), was finally filed on Monday as a $300 million offering of 12,00,000 CAPSTM  priced at $25.00.  This SPAC got major press coverage thanks to the addition of former US House Speaker and Governor Mitt Romney’s VP-nominee, Paul Ryan.  However, it’s unfair to call this a
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Petra Acquisition, Inc. (PAICU) Downsizes to $75M

Aug 26, 2020 INTEL by Kristi Marvin
It’s the second downsize this week. In another sign the bifurcation among teams in the SPAC market is growing, Petra Acquisition, Inc. (PAICU), re-filed their S-1 this morning with a downsize to $75 million.  However, keep in mind that Petra originally filed as a $125 million, 1/2 warrant, 24 months, $10.00 in trust SPAC.  They
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Burgundy Technology (BTAQU) Downsizes to $300M

Aug 25, 2020 INTEL by Kristi Marvin

This afternoon, Burgundy Technology Acquisition Corp. (BTAQU), re-filed their S-1 amending their terms with a rare downsize to $300 million. It doesn’t happen often, but August has been a tough month for SPACs and investors have begun been pushing back on some SPACs

On top of changing the size of the offering from $400 million to $300 million, Burgundy has also shortened it’s timeline from 24 months to 18 months.  ...READ MORE

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