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Longevity Acquisition Corporation Pricing Their $40 Million SPAC Tonight
by Kristi Marvin on 2018-08-28 at 1:30pm

One Last SPAC to Close Out August and Bring the Month’s Deal Count to Seven.

To cap off a very busy August, Longevity Acquisition Corporation, filed their CERT today, indicating they will be pricing their IPO tonight for trading Wednesday (Nasdaq: LOACU).

Longevity, which will be focusing on companies in China, will be looking to raise $40 million at IPO.  However, there is always the possibility of an upsize given how attractive the China-focused SPAC structures are to investors.  Specifically, the terms provide 12 months to find an acquisition, but with three(3) 3-month extensions possible with an increase of $0.10 per share added to the trust for each extension.

The $40 million Longevity deal ends the SPAC-abundant summer on a high note.  To give some perspective on just how busy it actually was, in the past three months alone, (June, July, and August), there will be 16 deals, including Longevity, raising total gross proceeds of $3.772 billion. Looking at January through May, which has two extra months, only $3.354 billion was raised over 15 deals.

We have four more months left in the year.  Anybody want to start a pool on what we think final deal count and gross proceeds will be?

Cantor is sole bookrunning manager for Longevity Acquisition Corp.

Longevity Acquisition Corporation Summary of Terms:
  • Focus:  China
  • Size: $40 million
  • $10.00 unit comprised of one Ordinary Share + one Warrant (1/2 share) + one Right
  • Each Right entitles the holder to receive one-tenth (1/10) of one Share
  • Warrant call for redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
  • 100% held in trust ($10.00 per share)
  • Life: 12 months to complete an acquisition + three 3-month extensions ($0.10/share added to Trust for each extension)
  • Limitation on Redemption Rights: 15%
  • At-risk Capital: $2.7 million (270K private placement units, Cantor participating for 20K units)
  • Underwriter fees: 3.0% + 2.5% deferred. 

Cantor Fitzgerald is sole book-runner.

Ellenoff Grossman & Schole LLP and Loeb & Loeb LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.

 

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