Double Header Tonight: Proficient Alpha and Gig2 Expected to Price
by Kristi Marvin on 2019-05-29 at 1:13pm

Another $230 Million in SPAC Gross Proceeds Expected to Trade Tomorrow

Both Proficient Alpha (PAACU) and GigCapital2 (GIX.U) are expected to price their IPOs tonight to kick off the summer season and close out May. However, it’s already been a very busy year for SPACs.  In fact, it was only just last June that SPACs had seven IPOs price in one month for the first time since the Financial Crisis.  Since then, SPACs have priced seven IPOs in the months of August and October of 2018 and in February and March of 2019. If both Proficient Alpha and Gig2 price this week, we can add May 2019 to that distinction as well.

SPAC 2019 YTD Jan-May

However, will we see eight IPOs price in one month this summer to break the record?  June is unlikely. There aren’t enough on file right now, but there’s always July.  And don’t forget, while August is typically a slow month for the rest of the IPO market, SPACs don’t take vacations.  Eight is on the table.

Regardless, we have two more IPOs to get through this week and there is a better than average chance that both price tonight.  Proficient Alpha appears to be a lock (finally), whereas Gig2 is still a question mark.  However, Gig2 has gone ahead and filed their 8-a12b and their CERT (which is a signal that pricing is imminent) and the buzz is that they’re going to try bring this one over the finish line tonight instead of Thursday.

As you can see below, both deals are roughly the same size.  The only real structural differences are that Proficient Alpha is offering a Right and has a much shorter duration.  Albeit, Proficient is technically 18 months with their two 3-month extensions since there are no shareholder votes (and chances to redeem) in order to extend.  Additionally, Proficient is focusing on financial services in Asia/China, whereas Gig2 is focusing on technology, media, and telecommunications (TMT).

Based on structure, Proficient’s deal looks a little sweeter.  Plus, there’s also the issue of Gig1 still needing to close their combination before the Gig team embarks on a new SPAC (which you can read about HERE). That sort of muddied the waters for Gig2, regardless of how impressive the Gig team is.

As a reminder, summary IPO terms for both SPACs are below.

Proficient alpha and Gig2

 

 

Double Header Tonight: Proficient Alpha and Gig2 Expected to Price
Recent Posts
by Nicholas Alan Clayton on 2025-06-27 at 11:20am

Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...

by Nicholas Alan Clayton on 2025-06-27 at 8:25am

At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...

by Nicholas Alan Clayton on 2025-06-26 at 7:04pm

FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...

by Nicholas Alan Clayton on 2025-06-26 at 4:52pm

Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...

by Nicholas Alan Clayton on 2025-06-26 at 8:24am

At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved