Gil Ottensoser to Join BTIG as Head of SPAC Program
A press release today announced that BTIG has hired Gil Ottensoser, to lead their SPAC Banking and Capital Markets effort, signaling a major push into the Special Purpose Acquisition Company field by BTIG.
Gil has a long history with SPACs and is a well-known name within the SPAC banking community. The firm he founded back in 2002, Legend Merchant Group, was one of the more prolific SPAC underwriters, having lead, co-managed or participated in the selling group of over 80 SPACs during the 2003-2008 era. In fact, Legend could arguably be called one of the original firms that got the SPAC ball rolling. In 2007, Legend was bought by Deutsche Bank to increase their presence within the then-burgeoning SPAC sector and Gil became Head of SPAC Sales and Distribution, where he assisted in the origination of new SPAC issuances, overseeing $3 billion in SPAC transactions in the short time before the Financial Crisis.
This is a huge signal that BTIG wants entry into the SPAC game. Gil, being one of the “O.G.s”, brings a vast amount of SPAC knowledge and history and I’m excited to see what he brings to the table going forward.
You can be sure to see BTIG’s name a lot more in the SPAC space in the coming months.
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...