TPGE Shareholders Overwhelmingly Approve Business Combination
by Kristi Marvin on 2018-07-17 at 10:19am

TPGE Will Have in Excess of $655 Million in its Trust Account

TPG Pace Energy Holdings has already released the results of its shareholder vote to approve its business combination with Enervest, to create Magnolia Oil & Gas, and it was overwhelmingly positive.  Only 900 shareholders opted to redeem, which meant TPGE gets to keep a little more than $655 million in its trust account.  If you recall, TPGE raised $650 million in their initial public offering and the excess is interest earned.

For a SPAC to have more in trust at business combination closing than it raised in its initial public offering is rare.  It’s kind of like finding oil in a field of unicorns grazing on four leaf clovers.

In addition to the $655 million in trust, Magnolia will also have the $355 million that was raised in the March 2018 private placement. PLUS, TPGE should be wrapping up it’s $400 million senior unsecured note offering.  The closing of that note offering stated that it was subject to closing of the business combination.

Nicely done and congratulations to all.

TPGE expects the business combination to close on July 31, 2018.  Results of the business combination vote are listed below and you can also find the results of the other proposals included in the vote here.



Recent Posts
by Kristi Marvin on 2023-11-25 at 11:45am

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...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

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...

by Marlena Haddad on 2023-11-22 at 9:45am

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...

by Nicholas Alan Clayton on 2023-11-22 at 8:53am

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....

by Nicholas Alan Clayton on 2023-11-22 at 7:45am

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...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved