Gig Capital (GIG), announced this morning that they have entered into an additional Forward Purchase Agreement in regards to its Rights Shares, this time, with Kepos Alpha Fund L.P. (“Kepos”). ...READ MORE
Health Sciences Acquisitions Corp., the RTW Investments-backed SPAC focused on the biopharma/med-tech sector, announced their merger this morning with Immunovant Sciences, Ltd. (“Immunovant”), a clinical-stage biopharmaceutical company focusing on autoimmune diseases. ...READ MORE
Late Friday afternoon, we had two new IPO filings to replenish our previously dwindling supply of new issues. The first, Stable Road Acquisition Corp. (SRACU), is a $150 million cannabis-focused SPAC, being led by Brian Kabot, as Chairman and CEO. ...READ MORE
Contribution of $0.03 per month to Trust for shareholders that do not redeem.
Legacy Acquisition Corp. (LGC), the $300 million SPAC led by Edwin Rigaud, which recently announced its combination with Blue Impact Group, filed a definitive proxy this morning setting a shareholder vote date of October 22nd. ...READ MORE
Below are the recently released Q-3 & YTD 2019 SPAC IPO Underwriting League Tables
In addition to the traditional methodology used whereby any bookrunner or lead manager gets full credit for IPO size to calculate deal volume, there are two additional rankings - volume by number of units sold and volume sold % market share (highlighted in green). For example, if SPAC-XYZ raised $500 million at IPO, and underwriter A sold $400 million of the same deal and underwriter B sold only $100 million, that’s how they will be credited. This methodology gives a more accurate window into the actual deal volume.
Below are the recently released Q-3 & YTD 2019 SPAC IPO Legal League Tables
For both the Third-Quarter, as well as Year-to-Date (YTD) 2019, Ellenoff Grossman & Schole ("EGS"), once again, led the SPAC IPO Legal League tables with a commanding number of legal assignments. Furthermore, EGS's Total Deal Volume was $1.957 billion, which accounts for nearly 30% of the SPAC Third-Quarter SPAC IPO market share. For reference, there were a total of 14 SPAC IPOs priced in Q-3, so EGS's nine assignments as either Issuer's (5) or Underwriter's Counsel (4), meant they participated in a remarkable 64% of all SPACs this quarter.
The Happiest of Hours is in full effect tonight with two updates.
In no particular order, the below is a round-up of current SPAC news.
GIGCAPITAL, INC. (GIG)
Lots of Gig News Tonight…
Gig Capital (GIG) filed multiple documents tonight, so a summary of each has been provided below.
Termination Date Extended
Alberton Acquisition Corp. (ALAC), put out an 8-K this afternoon regarding the issuance of an unsecured promissory note for $1,148,800, but the entity to who it was issued was what tipped off that they had announced…..something. ...READ MORE
So….uhhh, scratch that. BI Acquisition Corp. just withdrew their registration statement. The IPO is off.
As many of you already know, Gig Capital (GIG), announced on Friday evening that they have entered into a non-binding letter of intent with Greenhaven Road Capital, whereby Greenhaven has agreed to not sell the Shares underlying the 5,482,694 the Rights it currently owns until the later of the sixtieth day (60) after the closing of the Business Combination or January 1, 2020 (the “Closing Date”). ...READ MORE
Late Friday afternoon, we had a new IPO filing with BI Acquisition Corp. (BIACU), a $200 million metals, mining and natural resources focused SPAC being sponsored by Bedrock Industries. BI will be led by Alan Kestenbaum, as Executive Chairman of the Board, and David Cheney, as CEO and Director. ...READ MORE
Early this afternoon, TPG Pace Holdings Corp. (TPGH), released the details of their shareholder vote to approve their new extension deadline and the results were 100% in favor of extending. ...READ MORE
Trinity Merger Corp. (TMCX), which previously announced their combination with Broadmark real estate lending and management companies (“Broadmark”), filed a preliminary proxy/S-4 this morning with some significant changes to it’s proposed amendment to the warrant agreement. ...READ MORE