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    What is a SPAC?

    SPAC is an acronym for Special Purpose Acquisition Company, which is also known as a “blank check” company. A SPAC is a shell company which intends find a private company, or target, with which to merge. The SPAC goes public via IPO prior to identifying an acquisition target. Prospective target companies will find the process of going public via Business Combination with a SPAC more attractive than going through the IPO process.

    Who needs SPAC data?

    Traders, brokers, analysts, research, M&A specialists, start-ups, investment bankers, SPAC management teams, accounting firms, law firms, private investors.

    What is the SPAC process?

    A SPAC will go public via an IPO. Funds raised are generally placed in a trust account. The SPAC will explore partners for an acquisition/merger/business combination. Some may decide to limit their search to specific industries or geographical areas. Usually, there will be a limit to how long the SPAC will be able to continue without completing an acquisition. Typically, this tenor will be 24 months, with the option to extend by 3 to 6 months. The SPAC must liquidate after this point and return the contents of the trust account to the securities holders. If a target is identified, and an agreement reached, the parties will complete the appropriate legal and regulatory paperwork and processes.

    Securities holders will be given the opportunity to vote on the business combination, and if they choose, present their securities for redemption prior to the completion of the merger. Completion of the transaction typically includes a change in name from the SPAC’s name to the target company’s name (or an approximation). Following the effective date the new entity will begin trading, under the new name.

    What are the stages in the SPAC process?

    IPO Announced; IPO Complete; Business Combination Announced; Business Combination Complete; Liquidation.

    What data points FII provide?

    Main Record Unit ComponentsResulting Company
    Record IDSectorUnit IdentifierResulting Identifier
    Created DateGeographyUnit SymbolResulting Issuer Description
    Modified DateUnderwriter/sList ExchangeResulting Security
    SPAC NameTransfer AgentUnit Component ShareResulting Company Country
    Security TypeCounselUnit Component WarrantCurrency
    IdentifierTarget Company NameVoluntary Separation DateWarrant Exercisable Date
    StageTarget Company SectorStock IdentifierWarrant Expiration Date
    CurrencyPercent CompareStock Par ValueResulting Security Ticker Symbol
    SPAC CountryRedemption DateStock SymbolResulting Security Exchange
    Listing DateRedemption PriceWarrant IdentifierResulting Security Listing Date
    Filing DateMeeting DateWarrant Share
    TenorMeeting ResultsWarrant Purchase Price
    Liquidation DeadlineAgreement DateWarrant Symbol
    Offering PriceBusiness Combination Completion DateUnit Component Right
    ProceedsLiquidation Effective DateRight Identifier
    Trust Account AmountLiquidation Distribution AmountRight Symbol
    Bloomberg FIGI for all Identifiers
    End-of-Day Price for all Symbols

    How can the data be used?

    Keep informed of evolving SPAC data including:

    • Important dates
    • SPAC’s looking for a partner
    • Upcoming IPO opportunities
    • SPAC’s approaching liquidation deadline
    • Transfer agents, Underwriters and Counsel
    • Price data

    What format can the data be provided?

    At this time FII’s SPAC data will be provided via XML file and is also convertible to excel.  A Front-End for our service is in development.

    How often will the data be provided?

    As an XML file, the data is provided as a daily refresh.

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