Sign Of A Top?
At least seven special purpose acquisition companies, including Starboard Value affiliated Starboard Value Acquisition, made their trading debut this week. This year, more than 80 SPACs went public to raise a record $31B. Among companies that have merged with SPACs to become listed stocks are DraftKings (DKNG), Nikola (NKLA) and Virgin Galactic (SPCE).
LATEST IPOS:
Starboard Value Acquisition(SVAC) opened on September 10 at $10. The company had priced its initial public offering of 36M units, upsized from 30M units, at a price of $10.00 per unit. UBS Securities, Stifel Nicolaus, and Cowen and Company acted as joint book-running managers for the offering. SVAC is a new blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company's sponsor, SVAC Sponsor, is an affiliate of Starboard Value.
Prime Impact Acquisition I(PIAI) opened on September 10 at $10. The company had priced its initial public offering of 30M units at $10.00 per unit. Goldman Sachs and BofA Securities acted as joint book running managers in the offering. Prime Impact Acquisition I is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Prime Impact Acquisition I's anticipates targeting companies in the technology, media, and telecom, med tech and industrial tech sectors.
Industrial Tech Acquisitions(ITAC) opened on September 9 at $9.92. Industrial Tech Acquisitions, a company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, had priced its initial public offering of 7.5M units at a price of $10.00 per unit. Maxim acted as sole book-running manager for the IPO.
Cohn Robbins(CRHC) opened on September 9 at $10.10. The company had priced its initial public offering of 72M units at $10.00 per unit. Cohn Robbins is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Credit Suisse acted as sole book-running manager.
Ribbit LEAP(LEAP), which stands for Ribbit Capital Long-Term Equity Acquisition Pool, is a newly incorporated blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The company's initial public offering of units had an offering price of $10.00 and opened on September 11 at $11.20 per unit.
TWC Tech Holdings II(TWCT) priced its initial public offering of 52.5M units at $10.00 per unit and opened on September 11 at $10.08. TWC is led by Adam Clammer and Jamie Greene, who will serve as Chief Executive Officer and Chairman, respectively, and is a newly organized blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Citigroup and Deutsche Bank acted as book-running managers.
Broadstone Acquisition(BSN) priced its initial public offering of 30M units at a price of $10.00 per unit and opened for trading at $9.84 on September 11. Broadstone Acquisition is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an initial business combination target in any business or industry, it intends to focus its search on "fundamentally sound but stressed businesses in the U.K. and Europe." Citigroup was the sole book running manager of the offering.