This week, we speak with Joe Reece and Stephen Kadenacy, from the SilverBox team. Joe and Stephen led the Boxwood Merger Corp. and SilverBox Engaged Merger Corp. I transactions, as well as recently priced the SilverBox Corp. III IPO.
We dig into their perspective, having priced SPACs in three very different market environments. Joe and Steve explain why and how they maintained their value priorities while IPOing their third SPAC in the difficult market of early 2023.
The pair also discuss the relative of advantages of having committed capital from forward purchase agreements at IPO versus the flexibility of diverse potential PIPE investors down the road.
What will the landscape look like once the SPAC cycle fully resets, and what does it take for a sponsor to bank a successful deal while the current macro conditions exist?
Give it a listen.
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Terms Tracker for the Week Ending January 10, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was the first full week in January and the first non-holiday week since December 23rd. All the same, 2025 has started with a bang...
Origin Investment Corp I has filed for a $60 million SPAC to hunt for an Asian target outside of China and marks ThinkEquity’s entry into the 2025 SPAC IPO market. ThinkEquity took all of 2024 off from directly underwriting SPACs as a left lead and has not brought one all the way to IPO since...