Special Purpose Acquisition Companies (SPACs) have obtained such credibility in the capital markets arena based upon market performance and completion of successful business combinations in short order. With its wider acceptance in the market among investment banks, prospective management groups and investors, blank check companies raised $12.1 billion in public offerings, accounting for about a quarter of the entire initial public offering market in 20071.
Loeb & Loeb is actively involved in these transactions and several of the deals which we have worked on have been instrumental in the evolution of the structures of these transactions.
The SPAC Report, DealFlow Media’s news and analysis of blank check companies, ranked Loeb & Loeb #2 for the total number of SPAC IPOs the firm advised during 2007. In 2006, Loeb & Loeb tied for 1st place in the U.S. based on the number of issuer clients that consummated SPAC offerings according to IPO Vital Signs. Securities Practice Group Chair, Mitch Nussbaum, was ranked 1st as IPO Issuer Lawyer based on the number of completed IPOs for 2006 according to IPO Vital Signs Corporate Scorecard.
Clients and Industries
Our representation in the following issuer industries is diverse and growing. It includes minerals, shipping, paper products and packaging, securities, information technology, energy, media and advertising, chemical and oil tankers.
Our recent representative experience working with issuers include:
|
Issuer |
Offering Amount |
Effective Date |
Underwriter(s) |
Hambrecht Asia Acquisition Corp.
(OTC BB: HMAUF.OB) |
$32,000,000 |
March 2008 |
BroadbandCapital/
Chardan Capital |
Spring Creek Acquisition Corp.
(OTC BB: SCRUF.OB) |
$36,000,000 |
February 2008 |
EarlyBirdCapital Inc. |
|
China Mineral Acquisition Corp.
(AMEX: HOL.U) |
$120,000,000 |
November 2007 |
Citigroup |
|
Stone Tan China Acquisition Corp.
(OTC BB: STTAU) |
$240,000,000 |
October 2007 |
Morgan Joseph |
|
Seanergy Maritime Corp.
(AMEX: SRG.U) |
$220,000,000 |
September 2007 |
Maxim Group |
|
Arcade Acquisition Corp.
(OTC BB: ACDQ) |
$50,000,000 |
May 2007 |
Morgan Joseph/
Legend Merchant |
Vector Intersect Security
Acquisition Corp.
(OTC BB: VTRQ) |
$60,000,000 |
April 2007 |
Rodman & Renshaw |
Alpha Security Acquisition Corp.
(AMEX: HDS) |
$60,000,000 |
March 2007 |
Maxim Group/
I-Bankers |
| Accelerated Global Technology Corp. (AMEX: Pending) |
$300,000,000 |
In Registration |
Citigroup/Lazard/
Jefferies & Co. |
ASM Holdings
(AMEX: Pending) |
$150,000,000 |
In Registration |
UBS |
Our recent representative experience working with underwriters include:
|
Issuer |
Offering Amount |
Effective Date |
Underwriter(s) |
China Fundamental Acquisition Corp.
(OTC BB: CFQUF.OB) |
$30,000,000 |
May 2008 |
Chardan Capital Markets/
Maxim Group |
|
InterAmerican Acquisition Group, Inc.
(OTC BB: IAGU-OB) |
$60,000,000 |
September 2007 |
Chardan Capital/
Maxim Group |
China Discovery Corp.
(OTC BB: CADQF) |
$30,0000,000 |
June 2007 |
EarlyBirdCapital/
Legend Merchant |
Consumer Partners
(AMEX: Pending) |
$125,000,000 |
In Registration |
Broadband Capital |
|
China Aviation
(OTC BB: Pending) |
$30,000,000 |
In Registration |
Maxim Group |
Leadership in Law
Loeb & Loeb is at the forefront on SPAC transactions. We frequently speak at industry events on the latest SPAC deal structures, as well as serve as a source for the media who cover the securities market and trends.
1 As reported in The SPAC Report, Vol. II, No. 1, January 24, 2008, published by DealFlow Media