SPACs were one of the big financial stories of 2020, given that they raised billions of dollars in the second half of the year. Given the amount of money flowing into SPACs, it’s not surprising that the cannabis industry turned to this new trend for financing.
Among other things, 2020 will be remembered as a year that saw a boom in the use of Special Purpose Acquisition Companies (SPACs) as a robust alternative to an initial public offering (IPO).
On January 27 and 28, 2021, over 300 participants joined Morrison & Foerster’s webinars on “SPAC 101- Is 2021 the Year of SPACs in Asia?” where Partners Mitchell S. Presser, Justin R. Salon, and Ruomu Li led an in-depth discussion on the growing significance of SPACs and their relevance to the Asian market.
The Investor Presentation for the Astra and Holicity merger is now available.
The Investor Presentation for the TPG Pace Group and Nerdy merger is now available.
Investing in a special-purpose acquisition company, or SPAC, that hasn’t yet identified which business it plans to take public might seem highly speculative. And in some ways, it is.
One of the areas of the financial markets that has benefited from the pandemic is special purpose acquisition companies (SPACs), otherwise referred to blank cheque companies designed to create IPO access for private companies without going through the traditional IPO process.
SPACs, shorthand for special purpose acquisition companies, have become this year’s most popular alternative option for private companies to access the public capital markets and become publicly traded.
The most recent SPAC IPO Performance as December 16, 2020.
Special Purpose Acquisition Companies (SPACs), have seen a resurgence in popularity over the past 2 years, and it’s easy to see why.
DFIN has published their October U.S. IPO Report. 53 SPACs were added in October making the YTD total 169 with a total valuation of ~$57.61 billion.
In this edition of Orrick’s series of life sciences publications, the traditional update on broader venture market financing data is included, depicting the macro-level trends of interest. In addition, given their surge in popularity, SPACs and their particular utility to life sciences businesses are the subject of this edition’s spotlight.