Financial Institutions
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 Components | Resulting Company | |
|---|---|---|---|
| Record ID | Sector | Unit Identifier | Resulting Identifier |
| Created Date | Geography | Unit Symbol | Resulting Issuer Description |
| Modified Date | Underwriter/s | List Exchange | Resulting Security |
| SPAC Name | Transfer Agent | Unit Component Share | Resulting Company Country |
| Security Type | Counsel | Unit Component Warrant | Currency |
| Identifier | Target Company Name | Voluntary Separation Date | Warrant Exercisable Date |
| Stage | Target Company Sector | Stock Identifier | Warrant Expiration Date |
| Currency | Percent Compare | Stock Par Value | Resulting Security Ticker Symbol |
| SPAC Country | Redemption Date | Stock Symbol | Resulting Security Exchange |
| Listing Date | Redemption Price | Warrant Identifier | Resulting Security Listing Date |
| Filing Date | Meeting Date | Warrant Share | |
| Tenor | Meeting Results | Warrant Purchase Price | |
| Liquidation Deadline | Agreement Date | Warrant Symbol | |
| Offering Price | Business Combination Completion Date | Unit Component Right | |
| Proceeds | Liquidation Effective Date | Right Identifier | |
| Trust Account Amount | Liquidation Distribution Amount | Right 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.
Subscriber Research Services
FII’s subscribers have a unique service that few vendors can offer. Once you become an FII subscriber, you're given instant access to our Subscriber Help Desk Service. This service allows subscribers the ability to email our highly trained research team with requests for information. If the subscriber cannot locate the status of a security, FII’s team will perform all the necessary research on the subscriber's behalf.
Financial Institutions
Consultancy Service
The Consultancy Service can offer advice and guidance for back office operations. With a focus on Asset Servicing and ISO standards, our experts can assist in redesigning your operations to meet the new challenges faced by the Financial Services industry.
Library
(Public / Corporate / University)
Library Reference Service (LRS) - Web-based query system, offering subscribers 24/7 access to FII's historical and reference database.
Individuals requesting Securities Research can request information by emailing – (datainquiry@fiinet.com). Charges vary upon request.