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LF Capital ALSO Pricing Tonight: $135 Million SPAC
by Kristi Marvin on 2018-06-19 at 5:12pm

It’s SPAC Week. Anybody Else Want to Price??

Well, it looks like LF Capital Acquisition Corp., a $135 million Fintech-focused SPAC, is pricing Tuesday evening as well.  LF Capital filed their CERT shortly after Twelve Seas, so we’ve got ourselves a double dose of SPACs.

LF Capital recently brought on BlackRock Funds as a Sponsor/Anchor Investor and increased their per share amount in trust to 102%, or $10.20 per unit.

It should be interesting to see how both Twelve Seas and LF Capital shake out in the morning.  Both are roughly the same size ($150 million for Twelve Seas and $135 million for LF Capital), but have different sector focuses and different amounts in trust (100% vs. 102%).  Will one or both of them upsize?  Stay tuned…

Summary of Terms:
  • Total Public Proceeds: $135 million
  • Focus:  Fintech
  • $10.00 unit comprised of one share of Class A common Stock and one full warrant
  • Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
  • 102% held in trust ($10.00 per share)
  • Limitation on redemption rights:   a shareholder can redeem no more than 20% of the shares sold in the offering.
  • 24 months to complete an acquisition 
  • Underwriters: B. Riley FBR and Raymond James as co-bookrunners

 

 

 

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