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
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...