And one of the new SPACs has a 1/4 warrant… this is BIG news.
In the interest of it being the happiest of hours…a brief summary has been provided below. A more thoughtful analysis will be provided later.
CONYERS PARK II ACQUISITION CORP.
For the first time EVER, we have a SPAC trying for a 1/4 warrant. This is wild…and it’s probably going to make a few warrant players want to drink heavily tonight. At $400 million, this is a pretty big SPAC for the underwriters to have sell a 1/4 warrant, but if they’re successful, you can guarantee that other teams will try it and that will not make warrant investors happy. Having said that, the Conyers Park II team was responsible for one of the most successful SPAC combinations ever – Simply Good Foods (SMPL) – which closed today at a whopping $24.08.
Other headline terms: 100% in trust, 24 months, warrant call for shares at $10.00, no crescent term. Deutsche Bank is left lead, Goldman Sachs is right lead.
OAKTREE ACQUISITION CORP.
Another tier-1 SPAC was also filed tonight in the form of Oaktree Acquisition Corp. Oaktree, the sponsor, is a leading global investment management firm with approximately $118.6 billion in assets under management. Hence, we’ve got A++ terms: 24 months, 1/3 warrant, warrant call for share term, Crescent term at $9.20. Credit Suisse is left lead underwriter, and Deutsche Bank has a double header tonight as right lead.
The team is an impressive array of heavy hitters, with Patrick McCaney, Alexander Taubman, and Matthew Pendo leading the team. However, if this wasn’t their first SPAC, I bet their bankers would have gone for a 1/4 warrant as well. Especially given that DB is an underwriter on both.
Note: Andrea Wong, who is on Oaktree Acquisition’s board is also on Social Capital Hedosophia’s board, but they have yet to announce their combination.
BLACK RIDGE ACQUISITION CORP.
Black Ridge files a definitive proxy and fills in some blanks for us. First up, they are only going for a one-month extension to August 10th, and they are pulling a “Gig” by only offering $30,000 to trust to extend. As a result, we won’t know the exact amount per share to be contributed until post-vote when they count the redemptions.
More to come on all of the above, but for now….enjoy the weekend.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...