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SEC Commissioner Speaks on IPOs and the Rise of SPACs

Reynolds Holding

We worked with one of the panelists today to revisit whether the middle-market IPO 7% fee was still observable, and found that from 2001-2016, over 96% of mid-sized IPOs had a spread of 7%. [37] The capital structures can also be complicated, with public warrants, private warrants, forward purchase warrants, and working capital warrants. [33]