Market Intel
2024-07-20 at 11:44am

Terms Tracker for the Week Ending July 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After last week’s poor IPO performance from the anchor deals, the remaining SPACs on file with an anchor structure are starting to show difficulties in...

2024-07-19 at 12:46pm

Vine Hill Capital Investment Corp. (NASDAQ:ESPAU) has filed for a $200 million IPO, which marks underwriter Stifel Nicolaus’ return to the SPAC market after a hiatus of over two years. Stifel last served as a book-runner for a SPAC when filing for Kensington Capital IV in January 2022 and hasn’t acted as left-lead since Spree...

2024-07-19 at 8:13am

At the SPAC of Dawn SPACs may be back on the upswing, but it seems increasingly unlikely they will return to the same stomping grounds as in 2020-2022. Teams took 14 Fintech firms public during those years, 17 more in broader Financial Services and five more in Crypto. But, those sectors may no longer hold...

2024-07-18 at 1:18pm

Expectation Acquisition Corporation (NASDAQ:ESPAU) has filed to bring another Oppenheimer alum back to the market with a $60 million SPAC IPO. That officer is Expectation CFO Chi Zhuang, who started out as an equity research associate at the firm’s New York office in 2014. This overlapped with a period when Lewis Silberman, co-CEO of yesterday’s...

2024-07-18 at 10:19am

In the past few months we’ve seen a number of SPACs IPO using what we like to call “anchor investors”, a term we use as a bit of shorthand.  What that means is, the bankers round out the IPO with qualified institutional buyers, sometimes called “non-managing sponsor investors”, that indicate for up to 9.9% of...

2024-07-18 at 8:20am

At the SPAC of Dawn Stardust Power (NASDAQ:SDST) is the latest de-SPAC to rocket up this week after closing its combination with Global Partner II, but there could be more to its spike than simply the low float it currently represents. The parties got through their July 8 closing with just 134,550 public shares remaining...

2024-07-17 at 2:19pm

GSR III Acquisition Corp. (NASDAQ:GSRTU) has filed to be the latest repeat team to return to the SPAC market with a $200 million IPO with terms that differentiate it from the majority of the recent crop. Led by co-CEOs Gus Garcia and Lewis Silberman, the team has experience from both managing a bevy of SPACs...

2024-07-17 at 8:40am

The use of forward projections by target companies going through a SPAC transaction has been a controversial topic since the SPAC boom began in 2020. But, left to the side of this issue has been the question, “Do de-SPACs even benefit from using projections?” Certainly plenty of de-SPACs have taken hits in the public markets...

2024-07-15 at 3:53pm

Bleichroeder Acquisition Corp I (NASDAQ:BACQU) has filed to be the second SPAC brought to market by Santander in 2024, aiming to raise $250 million without the help of anchor investors. Many of Bleichroeder I’s terms are familiar in the current market with its trust initially funded to 100.0% with $10.00 in its units to start...

2024-07-15 at 10:54am

Aquaron (NASDAQ:AQU) has entered into a definitive agreement to combine with hydrogen technology firm HUTURE at an initial equity value of about $1 billion. Shanghai-based HUTURE has developed technology for hydrogen fuel cell-powered heavy trucks and the refilling stations that would supply them. The combined company is expected to trade on the Nasdaq once the...

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