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?
|Resulting Issuer Description
|Unit Component Share
|Resulting Company Country
|Unit Component Warrant
|Target Company Name
|Voluntary Separation Date
|Warrant Exercisable Date
|Target Company Sector
|Warrant Expiration Date
|Stock Par Value
|Resulting Security Ticker Symbol
|Resulting Security Exchange
|Resulting Security Listing Date
|Warrant Purchase Price
|Business Combination Completion Date
|Unit Component Right
|Liquidation Effective Date
|Trust Account Amount
|Liquidation Distribution Amount
|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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