Benzinga

APRIL 19, 2022

SPACs were one of the hottest stories in 2020 and 2021 but have fallen out of favor with many companies trading well below the $10 price after mergers have been completed. Could a SPAC deal involving two of the biggest names bring life back to SPACs and how many coincidences do there have to be before it's considered research?

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137

Benzinga

FEBRUARY 12, 2023

Football fans are charged up for Super Bowl LVII on Sunday, but investors of a SPAC that included a former NFL quarterback certainly weren't cheering in 2022. The SPAC was close to locking down a deal, but instead fell apart at the hands of the quarterback. Mission Advancement was in talks to merge with The Change Co. ,

Banking 98

Banking 98

Reynolds Holding

JANUARY 24, 2024

Today [January 24], the Commission is considering whether to adopt final rules that will strengthen protections for investors in special purpose acquisition companies (SPACs). I don’t know what that company is yet.” What if I told you that, if the strangers complete a merger, they get to pocket 20 percent of your investment?

Corporate Finance 45

Corporate Finance Marketability Finance 45

Harvard Corporate Governance

SEPTEMBER 18, 2022

For example, “SPADs”—which are SPACs (special purpose acquisition vehicles) that are DAOs—have emerged to engage in the acquisition of physical target companies. Thus, it remains unclear whether, how, and to what extent DAOs might displace traditional organizational structures. This post is based on a Fried Frank memorandum by Ms.

Technology 275

Technology 275

Benzinga

MAY 13, 2022

Shares of a SPAC are trading significantly higher Friday after a large portion were redeemed as part of the SPAC process. What Happened: OTR Acquisition Corp (NASDAQ: OTRA ) completed Thursday its merger vote with Comera Life Sciences. A total of 10.3 million shares, representing 98.4%

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Reynolds Holding

JULY 10, 2022

Special Purpose Acquisition Companies (SPACs) are a trap for unwary investors. SPACs disable both protections. SPACs disable both protections. We explain this in our recent paper, The SPAC Trap: How SPACs Disable Indirect Investor Protection, which we summarize here. securities markets – not SPACs.

Treasury 129

Treasury Marketability Equity Market Capitalization 129

Reynolds Holding

JANUARY 24, 2024

But there may be a far simpler explanation behind what the Commission is doing for SPACs: we simply do not like them. In order to achieve this desired outcome, the Commission seeks to impose crushingly burdensome regulations on SPACs as a form of merit regulation in disguise.

Marketability 45

Marketability Corporate Finance Compliance Finance 45

Harvard Corporate Governance

MARCH 17, 2023

Global Corporate Governance Trends for 2023 Posted by Richard Fields and Rusty O’Kelley, Russell Reynolds Associates, on Friday, March 10, 2023 Tags: Corporate governance , Diversity , ESG , EU , TCFD , UK ​ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S.

Banking 230

Banking 230

Benzinga

SEPTEMBER 20, 2022

Known by many as the SPAC King, Chamath Palihapitiya was one of the biggest names associated with the growing number of blank check companies taking private companies public. When SPACs were hot with the market, Palihapitiya was loved by investors and companies. Years later, Palihapitiya has been less active in SPACs.

Marketability 52

Marketability 52

Reynolds Holding

MAY 1, 2022

The new rules relating to special purpose acquisition companies proposed by the Securities and Exchange Commission on March 30, 2022, would, if adopted, have far-reaching effects on investment banks involved in business combination transactions involving SPACs. SPAC transactions. Impact of Proposed Rules on Investment Banks.

Banking 58

Banking Discounted Cash Flow Finance Equity 58

Benzinga

NOVEMBER 17, 2022

Two companies in the personal finance space went public via SPAC merger with high hopes of continuing customer growth and new product offerings in a shift to digital banking and non-traditional banking. Here’s what happened. The stock prices have fallen drastically. The company recently reported third-quarter revenue of $88.7

Finance 52

Finance Banking 52

Reynolds Holding

MAY 10, 2023

The contraction of the market for special purpose acquisition companies (SPACs) and the recent challenges de-SPACed companies have encountered have attracted considerable press attention. 2 That, in turn, precipitated a wave of de-SPAC transactions as those SPACs sought out and combined with operating businesses.

Going Concern Value 49

Going Concern Value Finance Equity Technology 49

Brian DeChesare

JULY 20, 2022

About a year and a half ago, I published an article and video about SPACs (Special Purpose Acquisition Vehicles) that attracted a fair amount of controversy. Now that the market has had a major correction and we’ve seen many SPAC deals play out, I wanted to look back and see if my views have changed. SPAC vs IPO – Excel Models (XL).

Start-ups 52

Start-ups Marketability Equity 52

Reynolds Holding

DECEMBER 22, 2022

To mitigate these empirical issues, we use special purpose acquisition companies (SPACs) as a unique laboratory. A SPAC is a publicly listed shell company created for the sole purpose of acquiring another company, in turn taking the target public. Why do we look at Special Purpose Acquisition Companies?

Start-ups 59

Start-ups Finance Marketability 59

Reynolds Holding

APRIL 28, 2022

And, one of those areas is Special Purpose Acquisition Companies, or SPACs. Now, of course, this was an issue that we were paying attention to well before the notice and comment period for the SPAC rulemaking proposal. And since the boom, the Commission and its staff identified several areas of concern with SPACs.

Marketability 56

Marketability Equity Alpha Capital Structure 56

Musings on Markets

JUNE 9, 2021

The bankers, in addition to doing a roadshow where they market the company to investors, also price” the company for the offering, having tested out what investors are willing to pay, and guarantee that they will deliver that price, all in return for underwriting commissions. What is a SPAC?

Start-ups 52

Start-ups Marketability Banking Corporate Finance 52

ThomsonReuters

JUNE 15, 2021

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. Attorneys caution the rush to go public via a SPAC vehicle, termed “De-SPACing,” comes with substantial risk. “It

Risk-free Rate 64

Risk-free Rate Equity Start-ups Book Value 64

Benzinga

NOVEMBER 2, 2023

02, 2023 (GLOBE NEWSWIRE) -- Abri SPAC I, Inc. NASDAQ: ASPA , ASPAW, ASPAU, " Abri ")), a special purpose acquisition company ( "SPAC" ), today announced the closing of its previously announced business combination (the " Merger ") with DLQ, Inc., About Abri SPAC I, Inc. NEW YORK, Nov. Brent Suen, CEO of DLQ, Inc.

Capital Structure 45

Capital Structure Marketability Technology 45

Cooley M&A

OCTOBER 29, 2020

On September 24, Cooley M&A partner, Garth Osterman, moderated a webinar on the current trend in going public: SPACs! For more background information on SPAC transactions, check out this report that Cooley co-authored with Deloitte & Touche. compares to the prior two iterations of SPAC activity, with the first (SPAC 1.0)

Start-ups 52

Start-ups Marketability Equity Finance 52

Benzinga

OCTOBER 24, 2023

Los Angeles, CA October 24, 2023 --( PR.com )-- Abri SPAC I, Inc. the SPAC sponsor, will have board representation, along with significant shareholdings in the merged entity. .” the SPAC sponsor, will have board representation, along with significant shareholdings in the merged entity. About Abri SPAC I, Inc.

Capital Structure 40

Capital Structure Marketability Technology 40

Appraisal Rights

SEPTEMBER 9, 2021

Welcome to our blog’s new SPAC Corner, as we kick-off an ongoing series of posts dedicated to this bourgeoning field of investor litigation. 5 Unlike traditional IPOs, SPACs do not have commercial operations at the time of the IPO, which explains why they are referred to as “blankcheck” or “shell” companies.

Fair Market Value 40

Fair Market Value Start-ups Equity Marketability 40

Reynolds Holding

MARCH 24, 2024

The basic bargain that President Franklin Roosevelt and Congress laid out 90 years ago was that investors get to decide which risks to take so long as those companies raising money from the public make what Roosevelt called, “complete and truthful disclosure.” Caveat inviter, though, at the SEC, we are Merritt neutral.

Marketability 45

Marketability Market Risk Compliance Start-ups 45

Reynolds Holding

FEBRUARY 2, 2023

With all the SPAC activity and scrutiny over the past several years, it was only a matter of time before the Delaware courts had an opportunity to weigh in on SPAC stockholder litigation. Stockholders Litigation that paved the way for SPAC stockholders to bring direct breach of fiduciary duty claims against SPAC boards and sponsors.

Equity 45

Equity Compliance 45

Cooley M&A

MARCH 2, 2021

What is a SPAC. Special purpose acquisition companies (SPACs) are on the rise. A SPAC is a publicly traded shell company with no underlying operating business that seeks to merge with a target operating company. This combination is commonly referred to as the initial business combination or the de-SPAC transaction.

Corporate Finance 40

Corporate Finance Marketability Finance 40

Brian DeChesare

MAY 8, 2024

You can read about it in various threads on Wall Street Oasis , Reddit , eFinancialCareers , LinkedIn, and more, so I won’t repeat the full details here. In short, this banker was an Associate in the FIG team at Bank of America and had a very accomplished track record before joining the firm.

Banking 110

Banking Start-ups Finance Equity 110

Reynolds Holding

APRIL 18, 2024

And that’s precisely what I’d like to do this afternoon. As we gather to mark ten years of dialogue, I think it’s important to both summarize what we’ve learned during this period and see how we can leverage those lessons to effect better compliance in the future. I’ll simply note they exist. [5]

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Compliance Technology Start-ups Marketability 45

Equidam

NOVEMBER 16, 2021

” What is Venturerock? . We’ve all heard of the SPAC trend, but what is Venturerock’s SPIC ? What part does Equidam play there? . We spoke to Marc Wesselink , Co-Founder of Venturerock, to understand more about how they are changing how venture funding works and increasing the odds for founders. .

Technology 52

Technology Finance Marketability 52

Cooley M&A

JANUARY 22, 2021

Helpfully, the SBA issued a procedural notice in October 2020 outlining what constitutes a “change of ownership,” allowing deal parties to structure a transaction to eliminate the need for SBA consent by submitting a loan forgiveness application and placing the loan proceeds into an escrow account established by the PPP lender in advance of closing.

Start-ups 40

Start-ups Technology Marketability Appraisal 40

Brian DeChesare

OCTOBER 4, 2023

And that is exactly what happened when I watched Dumb Money , the movie about the GameStop short squeeze in 2021 , the other day. SPACs , cryptocurrency, and other junk went “to the moon” as people piled into risk assets. There are some entertaining moments and good performances, so I wouldn’t call the movie “bad.”

Finance 96

Finance Start-ups Banking Marketability 96

Benzinga

MAY 16, 2022

The company went public in October 2021 through a SPAC merger with Seaport Global Acquisition. The company posted a string of losses after going public and Redbox's post-SPAC shares declined from $10 to below $2 recently, as you can see from the chart below. Most M&A observers had expected U.S. Twitter (TWTR).

Start-ups 52

Start-ups Banking Finance 52

IVSC

JANUARY 24, 2022

However, we now have our best view yet from the investor community on what they want, don’t want, and demand from the accounting standards setters in this area. The fervor has been no greater than in the SPAC market. Kevin Prall is Technical Director to the IVSC’s Business Valuation Board. governance).

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Intangible Assets Business Valuation Enterprise Value Marketability 130

Reynolds Holding

OCTOBER 3, 2023

The SEC further alleged that the Company lacked policies or controls concerning related party transactions, including what constituted a related party transaction or how such transactions should be disclosed by the Company. The Company agreed to pay a $1.65 Ulrich Kranz et al. August 4, 2023, settled) In the Matter of Canoo, Inc.

Banking 52

Banking Compliance Marketability Finance 52

Lighter Capital

AUGUST 3, 2022

Mergers and acquisitions, SPACs, private equity, and IPOs helped to drive more than 1,150 exits — on average more than three per day, including holidays and weekends. Interest rates What fueled all this record activity and returns? The chasm between 2021 and 2022 involves much more than our collective response to Covid. Pitchbook. ).

Finance 52

Finance Equity Marketability Business Valuation 52

Brian DeChesare

JULY 12, 2023

What Do Venture Capitalists Look for in an Early-Stage Investment? To answer this question, you need to think about what early-stage VCs look for in deals. If not, what about something like 10 – 20x, for a $200 – $400 million valuation?” So, should we do the deal? To be clear, these are the targeted multiples.

Banking 52

Banking Marketability Compliance Finance 52

Reynolds Holding

APRIL 13, 2022

Exams intends to review advisers’ conflicts and disclosures around portfolio strategies, risk management, and investment recommendations and allocations, including investments in Special Purpose Acquisition Companies (SPACs) and particularly where the private fund adviser is also the SPAC sponsor.

Compliance 45

Compliance Marketability Market Risk Technology 45

Reynolds Holding

JANUARY 31, 2024

This decline may be attributable to a significant decrease in SPAC initial public offerings and de-SPAC transactions since their peak in 2021. Through Sept. 30, 2023, for instance, special-purpose acquisition company-related suits had fallen 37% as compared to the same period in 2022.

Start-ups 45

Start-ups Technology Marketability Banking 45

Audit Board

MAY 31, 2023

A recent KPMG study found that 40% of IPOs (60% of SPACs) had material weaknesses disclosed in year one. Private companies, especially startups, are known for attracting entrepreneurial talent. Often the team is laser-focused on growing the business and achieving its goals with little thought into establishing a well-controlled environment.

Start-ups 52

Start-ups Compliance 52