SPACInsider Logo
Monocle Acquisition Corp. (MNCL) Re-files AND Could Price Earlier than 20 Days
by Kristi Marvin on 2019-01-29 at 11:26am

Monocle Acquisition Corporation (MNCL), re-filed their S-1 this morning and while there were no changes to the terms, they did remove the language indicating that the registration statement would become effective automatically in 20 days.  At first blush, one might think that means they are even further out from pricing than 20 days, but it’s actually the opposite.

If you recall, when you remove the delaying amendment from a registration statement, the prospectus automatically becomes effective 20 days after filing.  However, if you ADD the delaying amendment, that means the SEC must declare the registration statement effective.  In order for the SEC to declare the S-1 effective, it usually involves a round or two (or more) of comments before the SEC will sign off and approve.

However, Monocle originally filed way back on November 19th and has already gone through a round or two of comments previously. In fact, Monocle was anticipated to price in December, but most likely pushed their pricing date due to difficult market conditions at that time.  So, their S-1 is already in good shape and they probably have very few, if any, comments left.

What does this mean?  It means, the SEC could declare Monocle’s registration statement effective far sooner than 20 days. However, in reality, what this really does is give the underwriters flexibility now in choosing which day they want to price, whereas before they automatically got effective on February 11th. Now they have room to maneuver.

The takeaway here is, Monocle’s pricing date is now up in the air. It could happen before February 11th or after February 11th, depending on when they’ve built their book. It will be interesting to see if any of the other SPACs scheduled to IPO follow suit and do the same.

We’ll keep you updated.



Recent Posts
by Marlena Haddad on 2023-03-22 at 5:46pm

Metals Acquisition Corp. (NYSE:MTAL) announced in an 8-K this afternoon that it has entered into a silver stream equity subscription agreement, redemption backstop, and copper stream equity subscription agreement to support its combination with Glencore’s (LON:GLEN) CSA Copper Mine. On March 20, the SPAC entered into a silver stream subscription agreement with Osisko Bermuda pursuant to...

by Nicholas Alan Clayton on 2023-03-22 at 11:58am

Stratim Cloud (NASDAQ:SCAQ) has entered into a definitive agreement to combine with oil and gas services provider Force Pressure at an enterprise value of $287.5 million, or 3.8x its 2022E adjusted EBITDA. The Seguin, Texas-based company provides drilling equipment and services primarily to the Eagle Ford, Permian and Haynesville basins in Texas and surrounding states....

by Marlena Haddad on 2023-03-22 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Electriq Power signs $300M agreement, Zapp reveals production version of i300 Carbon Launch Edition, and White & Case sues Colonnade II Electriq Power secures $300M to deploy solar + storage in California with ‘major U.S....

by Kristi Marvin on 2023-03-22 at 9:54am

Fighting for digital services market share in developed markets can be uphill sledding, but what if what you are offering has no legacy competitor to replace? This week, we speak with Greg Moran, Co-Founder and CEO of Zoomcar. Zoomcar runs a ride-sharing marketplace in India, where traditional short-term rental options are rare and it announced a $456...

by Nicholas Alan Clayton on 2023-03-22 at 9:15am

Digital World (NASDAQ:DWAC) announced this morning that it has replaced CEO Patrick Orlando with Eric Swider, who is stepping up from a director position. The move is the just the latest installment in a long, winding road that Digital World has taken since announcing a business combination with Trump Media and Technology Group (TMTG) all...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved